Friday, November 8, 2019
The Prevalence of Production Sharing Contracts in Oil and Gas The WritePass Journal
The Prevalence of Production Sharing Contracts in Oil and Gas Abstract The Prevalence of Production Sharing Contracts in Oil and Gas AbstractIntroductionBackgroundResearch TopicAimObjectivesResearch questionsLiterature ReviewKey WordsKey LiteratureGaps in literatureOil and gas in AfricaOil and gas in AngolaContracting in the oil and gas industryProduction Sharing ContractsContracting at Sonangol (Types of contracts)Production sharing contracts at SonangolThe nature of production sharing contracts at SonangolResearch MethodologyFindings       i.           Reasons for the adoption of production sharing contracts at Sonangol     ii.           Advantages of production sharing contracts at Sonangol   iii.           Disadvantages of production sharing contracts at Sonangol   iv.           Comparison between production sharing contracts and other types of contracts at SonangolDiscussionConclusionReferencesAppendicesRelated Abstract Introduction Background The nature of the environment in which a business operates determines how it engages other players in the sector. This, therefore, determines the types of contracts that businesses get into. The oil and gas industry relies on contracts to carry out its activities just like other business entities do. The oil and gas industry mainly engages production sharing contracts, driven by the numerous stakeholder interests the sector has. Research Topic The Prevalence of Production Sharing Contracts in Oil and Gas (Case Study of Sonangol, an Angolan Oil Company) Aim The aim of the study is to establish the prevalence of production sharing contracts in the oil and gas industry, with particular interest in Sonangol, an oil company in Angola. Objectives The objectives of the study are: To determine the nature of the oil and gas business in Africa To determine the types of contracts administered in the oil and gas sector To determine the share of production sharing contracts relative to other types of contracts To establish the reasons for adoption of production sharing contracts at Sonangol Research questions What types of contracts does Sonangol engage? Are production sharing contracts prevalent at Sonangol? Why does Sonangol adopt production sharing contracts? What benefits and challenges do Sonangol get by using production sharing contracts? Literature Review Key Words Contracts, Production Sharing Contracts, Effects, Prevalence, Economics, International Oil Companies, National Oil Companies, Angola Key Literature Bindemann, K., 1999. Production Sharing Agreements: An Economic Analysis This source touches on the economics of production sharing agreements with reference to oil and gas in Angola and the Middle East. Bindemann, K. 2000. The Response of Oil Contracts to Extreme Price Movements. Discussion Paper. Department of Economics (University of Oxford). Fattouh, B. and Darbouche, H., 2010. North African oil and foreign investment in changing market conditions. Energy Policy, 38(2), pp.119-1129. Gaps in literature Most literature refers to situations in North Africa and the Middle East and not Angola or Sonangol. Most available literature is more than five years old. Chances are that the conditions have changed, rendering them irrelevant to current circumstances This section presents an analysis of existing literature on Oil and Gas in Africa and Angola in particular, while studying the types of contracts that oil and gas companies utilize. This is broken down into subtopics as follows: Oil and gas in Africa This section provides a general overview of the oil and gas industry, highlighting the major players: companies, countries, communities, and other stakeholders. History of the oil and gas industry in Africa Challenges in the African oil and gas industry Oil and gas in Angola This section provides an overview of the Angolan oil and gas industry, highlighting the major players: companies, communities, and other stakeholders. History of the oil and gas industry in Angola Challenges in the Angolan oil and gas industry Merits of oil and gas to the Angolan Economy Contracting in the oil and gas industry Types of contracts administered in the global oil and gas industry Comparison between contracting in Africa and the Middle East Production Sharing Contracts Identify the parties involved Terms and conditions Benefits/demerits Contracting at Sonangol (Types of contracts) Encompasses all types of contractual agreements Sonangol engages Criteria Sonangol uses to select the type of contractual agreements it uses Ratio of contracts based on type Production sharing contracts at Sonangol The nature of production sharing contracts at Sonangol Parties involved Responsibility Terms and conditions Research Methodology The study will follow the constructivist approach and rely on the analysis of secondary data that will be obtained both from the private and public domain. Of particular interest will be records from Sonangol and researches published in journals. The research will use catalogues to locate relevant books and indexes to locate appropriate periodicals. In addition, the study will use the Internet to find relevant electronic resources and databases. An analysis of the books, periodicals, and databases would follow to ascertain the authority and quality of information. Data analysis will be quantitative. Findings        i.           Reasons for the adoption of production sharing contracts at Sonangol      ii.           Advantages of production sharing contracts at Sonangol    iii.           Disadvantages of production sharing contracts at Sonangol    iv.           Comparison between production sharing contracts and other types of contracts at Sonangol Discussion Discuss the reasons for the prevalence of production sharing contracts at Sonangol, their merits, demerits, and challenges. Conclusion Summary of the suitability of production sharing contracts at Sonangol. Are they the best for the oil and gas industry? Should they be upheld? References List of all works cited in the study Appendices Relevant documents, tables, and graphs
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