Government Take - The Relationship between the LNG Project and the Host Government
Article from: OGEL 1 (2006), in Liquefied Natural Gas (LNG)
Introduction
Petroleum fields are usually declared by law to be the exclusive property of the state within whose territory they lie. English common law presumes that the owner of land is entitled to all that lies below and above that land. Ownership of the minerals beneath the surface of the land would therefore pass to the recipient of the initial Crown grant of land and would then lass to subsequent transferees of the land. It was not until the Petroleum (Production) Act 1934 (UK) that ownership in oil and gas within Great Britain and its territorial seas was vested in ...