Introduction
While as indicated last week, over the years Production Sharing Agreements, PSAs, have given rise to well documented generic critiques of their processes, as hinted towards the end of that column, they have also proved to be from the very outset dynamic and even disruptive, as a novel social construct, to the then ruling order of transnational crude oil exploration, development, production, and marketing legal contracts.
Today’s column recognizes this, and therefore, starts with some further deliberation of this key feature of PSAs as a class of contracts.