AI and Oil and Gas Contract Management

INTRODUCTION

Artificial Intelligence (AI) has been making waves in various industries, and oil and gas is no exception. A strong understanding of the technologies behind AI is an essential requirement for oil and gas professionals involved in contract management and negotiations to stay up to date with the latest trends in their industry and to reap the full benefits of AI by providing the necessary supervision for implementing AI in their respective domain of work. AI is changing the manner in which contracts are being managed in oil and gas business by automating several tasks previously done manually. With the assistance of AI, oil and gas professionals can now streamline their workflow in terms of contract drafting, negotiation, and management- thereby, mitigating risks and potentially saving considerable time and cost.

The adoption of standard contracts in oil and gas business has been seen for long as an effective tool to save time/cost and increasing efficiencies etc. However, AI technology has many more benefits for oil and gas professionals by allowing them to focus on critical tasks in terms of contract negotiations, managing client relationships to drive productivity and effectiveness, improving accuracy, and enhancing overall security. 

In this highly interactive course, the implementation of AI in contract drafting, negotiation, and management will be examined from various angles to ensure that participants build a comprehensive understating of AI application in contracts relevant to their industries. For example, contract creation and reviewing drafting where AI is used to create customised contracts to meet the parties’ specific needs by analysing data from past contracts and identifying relevant terms and conditions etc. The course will examine how AI analyses contracts to identify errors of significant terms and conditions, such as payment terms, liabilities, indemnities, warranties, termination clauses etc.

This GLOMACS AI and Oil & Gas Contract Management training course will highlight:

• Comprehensive understanding of what AI technology is in the context of contract management- what it can and what it cannot do
• AI application for some key contractual arrangements in the oil and gas sector
• Contractual Risk Management Issues and AI
• The role of AI in contractual Insurance, Indemnities, Liabilities, Force Majeure
• AI and Negotiation tools and tactics
• The role of AI in dispute resolution in cross border and international contracts

Objectives

At the end of this AI and Oil and Gas Contract Management training course, you will learn to:

• Understanding in depth some key contractual arrangements in the oil and gas business and the structure of contracting
• Master and comprehensively understand the role of AI in oil and gas contracts
• Identifying the application of AI technology in mitigating risk factors and managing those risks through effective contractual clauses
• Learn how AI technology can support drafting appropriate contractual clauses in oil and gas contracts
• Evaluate the role of AI in dispute resolution process and how it will apply it in different scenarios
• A contextual understanding of AI technology, and evolution, helping you to make relevant predictions for its future trajectory in oil and gas contracts

Training Methodology

In this AI and Oil and Gas Contract Management training course, 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 have encountered. Interactive discussions on problems and possible solutions will be encouraged.

Organisational Impact

Your organisation will benefit by:

• Personnel in the organisation will be conversant with the role of AI technology in oil and gas contracts
• Having a full understanding of the AI in the context of fundamental legal principles relevant to oil and gas business
• Being able to anticipate and deal with issues and ramifications pertinent to the role of AI in oil and gas contracts
• Strategizing on risk management techniques that can be used in the Oil and Gas contracts
• Senior management know the application of AI technology to enable them to negotiate more favorable terms and conditions of oil and gas contracts for upstream and downstream

Personal Impact

The participant shall benefit through attending this AI and Oil and Gas Contract Management training course by:

• Gain the ability to formulate a comprehensive thought out approach to the application of AI in oil and gas contracting
• Obtain in depth understanding of what AI can and cannot do to negotiate a more preferred oil and gas contracts clauses
• Manage and production and commercial risks through better AI understanding and the relative role in drafting contract clauses
• Demonstrate a professional understanding of apportioning risk and liability between the parties to the oil and gas contracts
• Work out a modern contracting strategy to meet company’s goals
• Learn how AI can support customising bespoke contracts suited to needs of their company

WHO SHOULD ATTEND?

This  AI and Oil and Gas Contract Management training course will benefit all levels of personnel involved in any aspect of project procurement and implementation in the oil and gas sector.  It will enable a broad range of disciplines to appreciate and understand the complexities of this industry, and how best to manage risk.

This GLOMACS AI and Oil and Gas Contract Management training course is appropriate to a wide range of professionals but will greatly benefit:

• Senior Managers
• Legal Managers, Legal Counsel
• Commercial and Business Managers
• Contracts Administrators, and Managers
• Commercial, Financial and Insurance Professionals
• Project and General Management