PSC meaning in oil and gas
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…
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.<p> <p> (Update: The second sentence may be true but I'm not sure about the first one. a major oil and gas company lifts and markets its own crude in the Gulf of Suez under the GUPCO concession, for example, and GUPCO is always referred to as a PSC-type agreement)
✓ Verified term