Under these contracts the hydrocarbons remain the property of the State. The oil company (or Contractor) takes all the exploration risk and only recovers its costs if it is successful.
PSC
Definition
Production Sharing Contract
PSC means Production Sharing Contract. Under these contracts the hydrocarbons remain the property of the State. The oil company (or Contractor) takes all the exploration risk and only recovers its costs if it is…
✓ Verified term