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After becoming independent in 1991 Azerbaijan has signed more than 30 production
sharing agreements (PSAs) with international oil companies (IOCs), attracting more
than $55 billion foreign investments for the joint development and production of
major oil and gas fields and with significant impact for the country and the
Caucasus region at large. The focus of this article is on the PSA as the legal agreement
which regulates the legal, commercial and fiscal relationship between the government
of Azerbaijan and IOCs. The article is a comprehensive and systematic analysis of the
existing major PSAs from its legal, commercial, fiscal and environmental perspectives.
The article identifies the key legal and contractual issues in the PSA regime and
proposes ways to restructure the current regime in order to meet the challenges
facing the petroleum industry of Azerbaijan in the future.
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Kembali