Control of Production

Ian Seymour

Chapter Chapter IX in OPEC, 1980, pp 194-215 from Palgrave Macmillan

Abstract: Abstract In the original Middle East concession agreements, mainly concluded between the two world wars, oil companies were granted the “exclusive right to explore, prospect, drill for, extract, treat, manufacture, transport, deal with, carry away and export” petroleum and other hydrocarbons found within the area of the concession. This particular wording happens to come from the 1933 agreement between Saudi Arabia and the Standard Oil Company of California, but all the others are remarkably similar. More importantly they were all interpreted (by the companies at least) to mean that, subject to technical observance of what is known as “first-class oilfield practice” and in certain cases to stipulated minimum levels of production, the companies concerned were free to produce and export as much, or as little, as they wanted or were able to sell.

Keywords: Production Growth; Saudi Arabia; Middle East; Producer Government; OPEC Country (search for similar items in EconPapers)
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05794-8_9

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DOI: 10.1007/978-1-349-05794-8_9

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