Course Details
Your Growth, Our Mission
Course Description
Pre-Contract Risk Assessment within the Oil & Gas industry is central. This training course aims to offer a review of common oil and gas contracts with specific emphasis on identifying common contractual pitfalls in light of COVID-19, many contracts had to be negotiated and/or re-negotiated during COVID-19 and so you will enhance your ability to do so in order to mitigate risk through commercial clauses and to increase profitability.
The training course offers a thorough analysis of the concept of risk management and the various tools in place to mitigate risk, before discussing the general commercial risks associated with placing contracts within the Oil and Gas Industry. The hands-on practical exercises will give you an understanding of the art of negotiations.
Delegates will understand the components of “the deal”, timing, strategies for gaining the upper hand in negotiations, games opponents play, good vs. bad negotiations, and the pitfalls of positional bargaining. After attending this training course, delegates will be better equipped to negotiate profitably with international companies and governments to enforceable agreements that contain terms and conditions most productive for their company.
The Training Course Will Highlight ?
Training Objective
Target Audience
This training course is suitable for a wide range of professionals but will greatly benefit:
- Commercial Managers in the Oil and Gas sector looking to improve their contract negotiation skills and overall commercial performance
- Engineers looking to increase and improve their commercial contract knowledge
- Legal practitioners in the Oil and Gas Sector looking to increase their knowledge
- Insurance and Risk Managers looking to reduce the legal and contract risks for their companies
- Academics looking to increase or specialize in the area of Oil and Gas Law
- Government Departments, Policy Makers and Regulators
Training Methods
Participants will increase competencies through a variety of instructional methods including lectures by an experienced practitioner and consultant, exercises, and group discussions covering current practices and their relationship to the implementation of new concepts.
Daily Agenda
Module One:
The Commercial and Legal Framework
• The Legal System & Fundamental legal principles
• Mandatory elements of a legally enforceable contract
• Contract formation
• Terms and conditions
• Contract terms
• Interpretation of contract terms
Assessing Available Remedies for Breach of Contract in the Oil and Gas Industry
• Rescission
• Compensatory damages
• Consequential and incidental damages
• Liquidated damages
• Specific performance
• Injunctive Relief
Avoiding Risk through Contract Termination Clauses: Lessons from the Oil & Gas Industry
• Common termination clauses
• Penalty provisions
• Avoiding common pitfalls
Module Two:
Understanding Common Oil & Gas Upstream Contracts: Tips Post COVID-19
• Production Sharing Contracts and similar agreements
• Joint Operating Agreements
• Farmout/Farm-in Agreements
• Drilling Contracts
• Service and Supply Contracts
Module Three:
Reducing Risk through Effective Use of Force Majeure Clauses
• Understand the purpose and risks this clause is intended to mitigate
• Avoiding common Force Majeure pitfalls
• Protect yourself from abuse and misuse of this clause
• Mechanics of exercising Force Majeure rights
Assessing and Managing Risk in Oil and Gas Contracts
• Determining and assessing types of risk
• Prioritizing risk
• Developing Risk Minimization Strategies
Module Four:
Avoiding Common Contract Pitfalls & Negotiations
• Review boilerplate classes
• How to negotiate profitably
• Negotiation Case
Insurance & Indemnity in Oil and Gas Contracts
• Issues that must be considered at the pre-contractual phase
• Post contract negotiations
• Examples of various type of indemnity provisions
• Good practice
• Contract drafting exercise – Drafting effective indemnity clauses
Module Five:
Dispute Resolution in Oil and Gas Contracts
• Issues that must be considered at the pre-contractual phase – drafting tips
• Types of dispute resolution vehicles: Negotiation, arbitration, mediation, litigation, expert determination
• Importance of the dispute resolution clause
• Framing the dispute resolution clause
• Ad hoc dispute resolution agreements
Accreditation
BTS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration.
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