Petroleum Contract Framework

A petroleum contract framework is a formal agreement between a government and an oil or gas company, outlining how resources are explored, extracted, and shared. It specifies the rights and responsibilities of each party, including investment obligations, revenue sharing, environmental protections, and operational terms. This framework ensures transparent, fair, and efficient development of the country's energy resources, balancing national interests with private sector investment. Essentially, it provides a clear legal structure to manage the complex process of tapping into underground oil and gas reserves for economic benefit.