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The oil and gas industry operates in countries throughout the world in accordance with a number of different types of agreements. These agreements generally fall into one of four categories (or a combination of the categories): risk agreements, concessions, production sharing agreements (PSAs, also known as production sharing contracts, PSCs) and service contracts.
Production sharing agreements can be beneficial to governments of countries that lack the expertise and/or capital to develop their resources and wish to attract foreign companies to do so. They can be very profitable agreements for the oil companies involved, but often involve considerable risk.
American politician Albert Gallatin had profit-sharing institutions on his glass works in the 1790s. Another of early pioneers of profit sharing was English politician Theodore Taylor, who is known to have introduced the practice in his woollen mills during the late 1800s. [7] In the United Kingdom, profit-sharing became prominent in the 1860s.
The spending agreement also includes a one-year extension of the farm bill – a sweeping package that governs many agricultural and nutrition assistance programs.
This page was last edited on 17 September 2022, at 05:11 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
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Walker and Riddle rewrote the program, and established a profit-sharing agreement for any product derived from InteractCAD. Walker subsequently paid Riddle US$10 million for all the rights. [citation needed] The company went public in 1985. By mid-1986, the company had grown to 255 employees with annual sales of over $40 million. [7]
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