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a case study in the design of an optimal production sharing
Journal of Financial Economics 30 (1991) 45-67. North-Holland
A case study in the design of an optimal
production sharing rule for a petroleum
exploration venture*
Philip Hampson
Massachusetts institute of Technology, Cambridge, MA 02139, USA
John Parsons
Baruch College, C. U.N.Y, New York, NY 10010, USA
Charles Blitzer
Massachusetts Institute of Technology, Cambridge, MA 02139, USA
World Bank, Washington, DC 20433, USA
Received January 1989, final version received March 1990
To improve on the design of the production-sharing rule in a contract for exploration and
development negotiated between a state-owned oil resources authority and a U.S. oil company,
we use the Grossman and Hart (1983) principal-agent model. In the original contract, the
company was granted a share of production as an incentive to maximize the net return to the
authority. The optimal sharing rule we develop increases the expected return to the authority by
6% by improving the company’s incentives to choose an optimal exploration program.
1. Introduction
A key aspect of every partnership is the division of profits. Sometimes the
parties agree to divide the profits on a simple 50-50 or 25-75 or similar
basis. Other times the shares are contingent on the size of the realized
*This research has been supported in part by the Finance, Investment, and Contracts Program
of the M.I.T. Center for Energy Policy Research and is based on Philip Hampson’s master ’s
thesis, ‘The Design of Optimal Production Sharing Rules for a Petroleum Exploration Venture’
(M.I.T., 1988). The research assistance of Raghuram R
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