12-15-2013, 11:09 PM
As far as I understand that it's an industry convention not to pay big bucks for undiscovered gas. Having said that, it's a curious convention, because one pays only if it is discovered, and then it's no longer undiscovered of course.
But there are more conventions and institutions that don't make much sense (QWERTY, Windows, etc.) but have continued to exist because of some form of path dependency.
But there are more conventions and institutions that don't make much sense (QWERTY, Windows, etc.) but have continued to exist because of some form of path dependency.