From Amazon:
Many
governments rely on oil companies to efficiently exploit natural resources.
Governments have the challenging task of deciding which companies should be
awarded exclusive rights to explore, develop, and produce their petroleum
resources, and on what conditions such rights should be awarded. This paper
analyzes the available evidence on the advantages and disadvantages of various
systems used by petroleum-producing countries to allocate petroleum
exploration, development, and production rights, and considers the policy
implications of each system. The experience of six petroleum-producing
countries is presented in detail, and numerous other examples are provided to
derive lessons of wider applicability. The paper presents various conclusions
for policy makers about the optimal design of allocation systems.
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