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module one is about international agreements this module provides an overview of the overall international agreements what are the different types of agreements available and production sharing obviously is one of those agreements parties to production sharing agreement who are the different parties involved in these agreements first of all there is a host government the host government is typically represented by the ministry of petroleum the ministry of oil and gas or which our ministry that is dealing with natural resources and the second party is the contractor the contractor could be a single international oil company IOC or it could be a consortium of iosys depending again on the risk of the the area that the the risk of the area involved and the cost and involvement based on that the IOC s may have a consortium or they might participate by themselves in between the government and the contractor will be the national oil company the national oil company serves as a focal point between the Ministry of Petroleum or the host government and contractor so all the day-to-day monitoring of these agreements or these contracts is done by the NOC on behalf of the government in some cases the NOC may be also a joint venture partner with what the contractor either from the beginning or maybe they have a back end option or a carried interest that once there is a discovery then they have the right to become joint venture partners