Russia's new PSA law offers some benefits vs. JV appoach

There are two main vehicles of investment opportunity that are usually considered by foreign investors-joint ventures (JVs) and production-sharing agreements (PSAs).JVs are formed between Russian companies and foreign partners, which then apply together for a license to develop an oil field. A legal framework called the general subsoil regime regulates operations within these JVs, unless the JV has established a PSA with the government.Under the general subsoil regime, the licenseholder receives from the Russian state the right to use the subsoil on terms and conditions set up by the license. Therefore, all obligations and rights of the JV license holder are determined, controlled, and en...

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