Petroleum exploration and production rights

"This paper analyzes the available evidence on the advantages and disadvantages of various systems used by petroleum-producing countries to allocate petroleum exploration, development, and production rights, and considers the policy implications of each system. The experience of six petroluem-producing counties is presented in detail and numerous other examples are provided to derive lessons of wider applicability. The paper presents various conditions for policy makers about the optimal design of allocation systems."--Jacket.