Memo to US, Canadian, and other Western nations’ oil and gas producers: Russia and Caspian Basin nations are renegotiating agreements with stricter terms. Production-sharing agreements with incentives to attract outside investment in exchange for assuming certain initial risks are rapidly becoming history. But the deals are still better than in the Middle East.“Russia is phasing out PSAs, and in Kazakhstan a PSA for Kashagan, one of its biggest fields, has been reopened for negotiation,” said Ariel Cohen, an energy security analyst, last month at the Center for Strategic and International Studies. “Some Western companies may not like what is happening. But with oil...