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Control of Production

In: Opec

Author

Listed:
  • Ian Seymour

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.

Suggested Citation

  • Ian Seymour, 1980. "Control of Production," Palgrave Macmillan Books, in: Opec, chapter 0, pages 194-215, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05794-8_9
    DOI: 10.1007/978-1-349-05794-8_9
    as

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