Upstream Petroleum Contracts

Introduction

Petroleum doesn't last forever. It is a non-­renewable resource. This fundamentally drives the business decisions of Governments and companies, a key part of which is that most petroleum contracts are structured to contemplate the entire life span of a project, it's beginning, middle, and end.

Upstream Petroleum contracts can vary widely in their details, however all must establish two key issues on how profits are divided between the government and participating companies.  

This GLOMACS Upstream Petroleum Contracts training course provides in-depth information on the types of upstream petroleum contracts and what their differences are and what are the main contractual terms participants need to know in order to fully understand all types of Upstream Petroleum Contracts. This Contracts Management training course will comprehensively cover Production Sharing Contracts, Exploration & Production Agreement (E&P) Exploration & Exploitation Contract, License Agreement, and participants will take away essentials elements of these contracts to be effectively used in their own companies.

This Upstream Petroleum Contracts training course is designed to be highly practical and includes hands-on interactive sessions that will help participants understand the practical issues involved and the pitfalls to avoid. A well-negotiated and drafted Upstream Petroleum Contract must stand the “test of time” and provide parties with stability as well as adaptability when circumstances change over the course of the years.

This Upstream Petroleum Contracts training course will highlight:

• The Fundamental Types of Upstream Petroleum Contracts
• The Advantages and Disadvantages of the Different Types of Upstream Petroleum Contracts and How it is suitable for Specific Types of Projects
• Concessions, Production Sharing & Risk Service Contract, Important Details and Suitability for any Oil and Gas Upstream Project
• The Role of JOA in Upstream Petroleum Contracting Conciliation, Mediation and Settlement of Disputes
• Understanding the Essentials Terms of Unitization and Farm-in, Farm-Out Agreements

Objectives

Participants will have a working knowledge of Upstream Petroleum Contracts and how to apply this knowledge to administering Production Sharing Contracts. Further, participant will gain working knowledge of accounting and auditing procedures that will need to be implemented. 

At the end of this Upstream Petroleum Contracts training course, you will learn to:

• Gain a full understanding of the different types of the Upstream Petroleum Contracts
• Understand the main contractual terms and their differences between the various types of contracts from PSA, Service contracts and others
• Be aware of the approaches to negotiation of these contracts
• Incorporate the best terms into these Upstream Petroleum Contracts

Training Methodology

Participants will gain greater understanding of the subject matter through presentations by an experienced international practitioner designed to both inform and broaden the perspectives of the participants. Case studies will be reviewed and discussed bearing in mind some of the realistic scenarios participants may encounter. Interactive discussions to encourage discussion of problems and possible solutions to it. Negotiation simulation exercise will help participants get a realistic feel for negotiating a PSA contract.