Finders Keepers?: How the Law of Capture Shaped the World Oil Industry / Edition 1

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Overview

Since the beginnings of the United States oil industry 150 years ago, production activity has been governed by the law of capture, dictating that a driller owns the oil drilled from his/her property even if the oil has migrated from under neighboring land as a result of the drilling process. This finders keepers principle has been excoriated by foreign critics as theft and as a law of the jungle and has been blamed by American commentators—and the oil industry itself—as the root cause of the enormous waste of oil and gas resulting from U.S. production methods in the first half of the 20th century. Yet while in almost every other country the law of capture is today of only marginal significance, in the United States it continues to operate, and indeed to underpin the system of production regulation, with potentially wasteful results. In this meticulously researched and richly documented account, Terence Daintith adopts a historical and comparative perspective to show how legal rules, technical knowledge (or the lack thereof) and political events and ideas combined to shape attitudes and behavior in the business of oil production. He explains both the original adoption of the law of capture—not just in the United States but in other countries as well—and the paths of legal and political development that have led to its consolidation in the United States and its marginalization elsewhere. In contrasting these histories of the law of capture, the book raises the question of whether the U.S. can reduce waste in production without abandoning its deeply-rooted attachment to private property rights in oil and gas.

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Editorial Reviews

From the Publisher
'Daintith's excellent research has produced a work full of vivid and interesting detail. The book's greatest virtue is in pulling together contemporaneous activities in many parts of the world and comparing them to the pattern of development in the U.S. oil industry. Historians, scholars, policy analysts, and those interested in the history of the oil and gas industry will enjoy this informative and original account of the law of capture.'
Jacqueline L. Weaver, University of Houston Law Center

'Professor Daintith has provided a thorough analysis of the most fundamental of all rules of oil and gas law. Every oil and gas lawyer, petroleum landman, petroleum geologist, and petroleum engineer should read this important book.'
Owen L. Anderson, The University of Oklahoma College of Law, USA

'Terence Daintith's comprehensive review of the law of capture seeks to address the needs of both the expert practitioner and the non specialist enquirer and leaves neither wanting. This definitive text is a thoroughly enjoyable read. A quite splendid accomplishment by one of the foremost experts in the field.'
Malcolm Webb. Chief Executive, Oil & Gas UK

'Daintith brings to life one of the most important aspects affecting the evolution of global oil and gas. His comprehensive research coupled with an engaging writing style allows for a most interesting and educational analysis. To tame the Rule of Capture, governments have adopted policies relating to how oil and gas is shared and developed. Daintith discusses, analyzes, and evaluates these efforts. His observations and insights are essential to understanding the history of how we developed today's rules and provide a foundation to understanding oil and gas unitizations—which are about to transform oil and gas in the next century as the Rule of Capture did in the prior century.'
Andrew B. Derman, Partner, International Energy Practice Group Leader, Thompson & Knight LLP, Dallas, USA

'Be warned, when you do pick it up you quickly will become engaged in the story and thus find it hard to put down...this book will be of great interest and value to historical and legal scholars alike. Likewise, the same is true for anyone involved in the Oil Patch, for here in a single source is the history, development, and application of one of the foundations of the itnernational oil and gas industry.'
William R. Brice, Oil- Industry History.

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Product Details

  • ISBN-13: 9781933115832
  • Publisher: Taylor & Francis
  • Publication date: 10/28/2010
  • Edition number: 1
  • Pages: 520
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.30 (d)

Meet the Author

Terence Daintith is the former director of the University of London’s Institute of Advanced Legal Studies, where he now holds a professorial fellowship. He is a visiting professor at the University of Western Australia and at the University of Melbourne Law School, and is co-editor of United Kingdom Oil and Gas Law.
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Table of Contents

Preface and Acknowledgments

Part I: The Beginnings of the Rule of Capture in the United States
1. Naming and Blaming
2. The Leading Cases and their Legal Background
3. Practice and Belief in the Early Petroleum Industry

Part II: Alternatives and Parallels
4. The Mineral Water Industry in France: Protection and Competition
5. Asphalt in Trinidad: Digging your Neighbour's Pitch
6. America's Early Oil Rivals: Petroleum and Property Rights in Galicia, Romania and Russia

Part III: Modified Capture: The United States in the 20th Century
7. Correlative Rights and the Beginnings of Conservation
8. Oil and Gas in the Public Lands
9. Conservation Regulation and the Institutionalization of Capture

Part IV: Evading Capture?
10. Securing Unified National Control of Petroleum Resources
11. Capture Revivified? Competitive Acreage Allocation by Governments
12. The Cross-Boundary Petroleum Deposit as a Federal and International Issue

Part V: Conclusion
13. The Least Worst Property Rule?

References

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