4. Commonly regulated activities
Some of the key areas of consideration when drafting an upstream petroleum law typically include:
Which of these commonly regulated activities will be governed under given legislation varies according to the socio-economic characteristics and political context of each country and whether the legislative model chosen is the detailed approach, the flexible one or a hybrid as mentioned above. In any event, licenses are generally awarded via competitive bids or auctions. There will also be interactions with investment law and foreign control laws.