... upstream oil & gas government contract extension reserves evaluation category cost recovery entitlement asset and portfolio management investment recognition production-sharing contract revenue exploration agreement economic interest reserves classification payment royalty...

... and the contractor's share of P/O is usually called "entitlement." The sharing percentage may be indexed to production rate or a profitability index such as the R-factor. Bonus and taxes are frequently levied. Uncommonly, e.g., in the Peruvian case, the production that is shared is gross production. Some PSCs also...