-term contracts. We argue that only if the parties to a unitization contract have unit production shares that are the same as their … cost shares will the contract be incentive compatible. Using a data base of sixty unit operating agreements, we measure the … desirable contract rules for avoiding moral hazard. It also shows how the effects of those rules can be replicated in difficult …

.The focus of this book is on the mechanics of the various kinds of fiscal systems and the factors that drive exploration and … operational aspects of contract/fiscal terms are also examined to provide a foundation in the dynamics of international … successful exploration …