PSA a risk management tool in light of modern economic theories
This article reviews, some modern economic theories to justify the conducts through which risks, rewards and incentives are harmonised, allowing petroleum contracts to become acceptable to involving parties. The author wishes to contribute more understanding on economic implications behind petroleum contracts. Therein, PSA is analysed in light of Pareto optimal, sharecropping and principal - agent theories to highlight PSA’s superior features compared to other forms of contracts from risk management perspective. Vietnam’s petroleum contract system is also reflected in this spectrum.
K.Bindemann. Production - sharing agreements: An economic analysis. Oxford Institute for Energy Studies. 1999.
A.Braverman, J.E.Stiglitz. Sharecropping and the interlinking of Agrarian Markets. The American Economic Review. 1982; 72(4): p. 695 - 715.
J.E.Stiglitz. Sharecropping. In “The New Palgrave: Economic Development”. London: Macmillan. 1989.
N.Singh. Theories of sharecropping. In “The Economic Theory of Agrarian Institutions”. Oxford: Clarendon Press. 1991.
O. Hart, B.Holmstrom. Contract theory. The Royal Swedish Academy of Sciences. Stockholm. 2016.
Trần Châu Giang. Phân tích rủi ro trong đánh giá hệ thống dầu khí. Tạp chí Dầu khí. 2013; 7: trang 23 - 29.
Quintino et al. Managing price risk for an oil and gas company. ICORES Conference Paper. Lisbon. 2014.
PVEP. PVEP Legal Times. Số Quý II/2013, Quý IV/2013 và Quý IV/2015.
J.E.Stiglitz. What is the role of the state? In “Escaping the Resource Curse”. Columbia University Press. 2007.
V.Marcel. The cost of an emerging national oil company. Chatham House, Royal Institute of International Affairs, London. Research paper. 2016.
Paul Stevens, Jaakko Kooroshy, Glada Lahn, Bernice Lee. Conflict and coexistence in the extractive industries. Chatham House, Royal Institute of International Affairs, London. 2013.
Tập đoàn Dầu khí Việt Nam. Lịch sử ngành Dầu khí Việt Nam (đến năm 2010). Nhà xuất bản Chính trị Quốc gia. 2011.
1. The Author assigns all copyright in and to the article (the Work) to the Petrovietnam Journal, including the right to publish, republish, transmit, sell and distribute the Work in whole or in part in electronic and print editions of the Journal, in all media of expression now known or later developed.
2. By this assignment of copyright to the Petrovietnam Journal, reproduction, posting, transmission, distribution or other use of the Work in whole or in part in any medium by the Author requires a full citation to the Journal, suitable in form and content as follows: title of article, authors’ names, journal title, volume, issue, year, copyright owner as specified in the Journal, DOI number. Links to the final article published on the website of the Journal are encouraged.