Daniel Johnston

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                    [post_content] => The most common business structures in the industry today are either production sharing contracts (PSCs) or royalty/tax systems (R/Ts). Roughly half of the governments of this world use PSCs and the rest use R/Ts. While these systems are fundamentally different from philosophical and legal perspectives, their structures are dramatically similar from financial, economic, and accounting points of view. Both of these approaches to the business relationship provide the IOC a means of recovering costs incurred and earning a share of profits if (1) a commercial discovery is made and (2) sufficient revenues are generated. There has always been discussion about the most efficient and effective contract design from a financial/economic point of view. There are many things involved especially considering these agreements are structured to last decades in spite of all the risks and uncertainties.

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