The study critically analyses the approaches employed by governments—focusing on Uganda’s Petroleum Acts, Uganda National Oil Company (UNOC), and the Petroleum Authority of Uganda (PAU)—and by International Oil Companies (IOCs) in structuring PSAs. It emphasizes the delicate balance between maximizing national benefits for host states and transparency, and promote sustainable resource governance. Uganda’s case demonstrates that entrenched collaboration between NOCs and IOCs is essential to mitigating future conflicts and ensuring bankable, stable terms for foreign investors.