Upstream Petroleum Concessions by Peter Roberts | 2025

Upstream Petroleum Concessions by Peter Roberts | 2025

Over the past seventy years, governments around the world have granted upstream petroleum concessions to investors to facilitate the exploration and production of petroleum. Under these arrangements, petroleum activities are undertaken for the benefit of the state but at the risk and expense of the investor. However, the traditional concession system has had to adapt to the global shift towards achieving net-zero carbon emissions. This book examines the role of petroleum concessions, explains the process through which they are granted, and considers how they may evolve to address the challenges presented by the energy transition.

The book is divided into three main parts. Part A examines the relationship between existing petroleum concession systems and the transition towards net-zero emissions. It explores the reasons why states adopt concession arrangements, as well as the procedures and mechanisms involved in awarding them. It also considers the effects of the energy transition and the risks it creates for both governments and investors, including examples of states withdrawing their support for future petroleum exploration and production.

Part B provides an overview of the typical terms and provisions found in petroleum concessions. It considers matters such as the scope, duration, and geographical area covered by a concession, as well as the procedures for modifying it. The obligations and applicable standards imposed on both investors and states are examined, together with fiscal arrangements such as taxation and other non-fiscal benefits that may be obtained by the state. The section also considers constitutional provisions that may form part of concession agreements.

Part C explores how the structure and awarding of existing and future petroleum concessions could be adapted by states in response to the energy transition. It also considers ways to promote the commercialisation of cleaner forms of gas and examines how national oil companies can be used more effectively to help states manage and respond to the transition towards a lower-carbon energy system.

Key Features of Upstream Petroleum Concessions by Peter Roberts: 

• Provides a comprehensive examination of upstream petroleum concession terms and explains the procedures and mechanisms through which states award such concessions.

• Examines the practical implications of the energy transition for states and investors, as well as its potential impact on the terms of future petroleum concessions.

• Proposes possible approaches for states and investors to align existing and future concession arrangements with the demands and objectives of the energy transition.

Table of Content of Upstream Petroleum Concessions by Peter Roberts:

A: Concessions and the Energy Transition
1:The Logic for a Concession
2:Concession Forms and Mechanics
3:The Energy Transition
4:State-Sponsored Withdrawals
B: The Terms of a Concession
5:Parties, Collateral Support, Governance, Transfers
6:Scope and Duration
7:The Concession Area
8:The Investor's Obligations
9:Fiscal Terms
10:Other Grantor Benefits
11:Constitutional Provisions
C: Evolving Concessions and Sector Developments
12:Modifying Concessions and Concession Awards
13:Promoting Gas Production
14:Promoting the National Oil Company

About the Author:

Peter Roberts is a solicitor with more than three decades of professional experience in the oil and gas industry. He serves as a visiting professor of law at Austral University in Buenos Aires and has also taught oil and gas law at several other universities. He previously served as an editor and currently holds the position of Vice-Chair of the AIEN Journal of World Energy and Business. In addition, he is a former Chair of the IBA Oil and Gas Law Committee. He has authored several books focusing on oil and gas law.

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