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This research disagrees with the government’s policy that has introduced the production sharing contract into upstream petroleum industry in Thailand. The conclusion drawn from the legal analysis of upstream contracts and the cases study of petroleum contractual systems of other jurisdictions indicates that adopting the production sharing contract does not guarantee the host state with the ability to collect extra revenues and gain more regulatory power. Nevertheless, the existing concession contract under the Petroleum Act, B.E. 2514 and the Petroleum Income Tax Act, B.E. 2514, if correctly modified, is still efficient in collecting revenues and regulating upstream petroleum activities. Therefore, by adopting the production sharing contract, Thai government unnecessarily spends its budget on redrafting relevant legislations and also places additional burden upon the upstream petroleum regulators.
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