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The concept of Production Sharing Agreement (PSA) is basically considered to be a type of agreement or a contract between two organisations. The most common form of Production Sharing Agreement which is mostly seen in the modern world is the agreement between the government and either a single or group of companies (especially extraction companies) for the purpose of collecting natural resources from the environment. Production Sharing Agreement done between both the organisation helps in clarifying the exact amount of resources such as oil would be extracted from the country and the appropriate share that should be distributed among both the parties (Shebubakar, 2015). The concept of Production Sharing Agreement was first introduced during the early 1950s in Bolivia but however, the similar implementation was conducted in Indonesia in the 1960s (Botchway, 2011). Currently, this form of the agreement is usually observed mainly in Central Asia and the Middle East largely due to the fact the availability of gas and oil are most commonly found in these particular regions of the world.
The workings of the concept of Production Sharing Agreement are simple in nature as it starts with the process of exploration and production of oil from the earth’s crust. Furthermore, in this process, it has been seen that the oil company or the contractor is provided with the authority to control and monitor the entire extraction process starting from exploring, developing and finally producing the fields. During this process of exploration and development, the contractors also face the issue of financial and mineral risks associated with the oil extraction process. Once the process of development of the field is done, the contractors are entitled to utilise the money generated from produced oil with an aim to recover the costs
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