Upstream Oil and Gas Contracts

Upstream Oil and Gas Contracts

Monday 02 Aug 2021

  • Duration: One Week
  • City: Madrid 
  • Fees: Classroom: 4700 GBP / Online: 2350 GBP

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Overview

The legal and regulatory framework of upstream oil and gas industry contracts is constantly changing and it is therefore critical that all lawyers, commercial, and contract managers working in this sector are up-to-speed. This Five-day Training has been designed as a follow-on to the Falcon bury seminar, Understanding, Negotiating and Drafting Oil and Gas Industry Contracts. The programme is based on practical workshop sessions and real-life scenarios and reflects the unique and comprehensive experience of the seminar leader.

By attending this seminar, you will:

  • GAIN in-depth knowledge and further understanding of more agreements that are in common use in the upstream oil and gas industry
  • FIND OUT more about the essential bidding and tendering phas
  • BECOME familiar with Production Sharing Contracts
  • LEARN about how to deal with negligence and nuisance claims
  • RECOGNISE the importance of the five key clauses that every oil and gas professional should be familiar with
  • MASTER the drafting of service agreement contracts
  • UNDERSTAND the importance of contract risk management post Macondo

Who should attend?

  • In-house lawyers
  • Contracts and business development managers
  • Contract analysts
  • Procurement managers
  • Legal advisers to the oil and gas industry
  • And contract engineers representing international petroleum companies, contractors and sub-contractors to the petroleum industry together with host governments.

Course Content

Day 1

Bidding and tendering for oil and gas contracts

  • Tender preparations
  • Evaluation resources
  • Preparing your finished submission
  • Confidentiality at the bidding stage
  • Practical examples

Day 2

Drafting Production Sharing Contracts – PSCs

  • Different approaches and levels of complexity
  • New PSC’s in key jurisdictions
  • The role of calculation
  • Understanding the formulas
  • The non-fiscal legal and contractual terms
  • Contractual terms and conditions
  • Royalties and taxes
  • Practical examples

Drafting agreements for farm-ins and farm-outs

  • The role of the ‘MAC’ clause
  • What is a ‘MAE’ clause?
  • Assignment of interest
  • Nature of the farm-out
  • Subject matter of the farm-out
  • Earning requirements
  • Interest assigned and reserved
  • Practical examples

Day 3

Drafting service agreement contracts

  • Different model forms – sources
  • Applicable systems of general contract law
  • Basic general provisions
  • Contract formation issues
  • Performance and non-performance issues
  • Risk allocation and insurance
  • Enforcement
  • Master service contracts
  • Problems involving long-term master service relationships
  • Maintenance services
  • Well completion services
  • Practical examples

Day 4

Key equipment and materials contracts

  • Capital equipment agreements
  • Drafting equipment rental and lease agreements
  • MRO
  • Drilling equipment rental and lease agreement
  • Ensuring a reliable supply of materials in remote places
  • Practical examples

Multi-party contracting scenarios including teaming agreements

  • Contractors and sub-contractors creating a seamless support team
  • Teaming agreements – risks and rewards
  • Crude and production distribution agreements
  • Joint ventures in the oil industry
  • Practical examples

Day 5

Production and decommission phase agreements

  • The main form of a crude oil sale agreement
  • Abandonment, decommissioning and restoration
  • The principle contracts for the end of the lifecycle of a petroleum field
  • Principle methods of payment under the agreement
  • Principle forms of crude oil sale agreements
  • The role of letters of credit
  • Practical examples
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