Petroleum Agreements

Petroleum agreements are legal contracts between governments and oil companies that outline the terms for exploring and extracting oil and gas resources. These agreements specify how profits are shared, the rights and responsibilities of each party, and regulations to protect the environment and local communities. They can include details on taxes, royalties, and how much of the resource can be extracted. These agreements help ensure that both the government receives fair compensation for its natural resources and the companies can operate profitably while adhering to specific regulations.