Introduction to Upstream Agreements
(1 day)

Business Context

Professionals, even some with years in the oil and gas business, are often not aware of the legal and commercial issues associated with the hydrocarbon lifecycle and how these may influence the economic viability of a project. What rights does a company really have to the oil and gas it is exploring for or trying to develop? What is meant by the Hydrocarbon Value Chain and which agreements have to be concluded to link-up each phase of a project. What is the purpose behind typical upstream agreements and what are their main commercial terms?

Content

This one day course provides an introduction to the ways in which oil and gas rights are acquired and sold; how these rights and associated obligations and liabilities are shared among the co-operating parties and how they may be transferred to a third party. Joint Ventures and Joint Operating Agreements will be discussed, with special attention given to the role of the Operator and the Operating Committee. Unitisation and Unit Operating Agreements will be explained.

During the course the following agreements will be reviewed:

  • Joint Bidding Agreement
  • Joint Operating Agreement (JOA)
  • Unitisation and Unit Operating Agreement
  • Farm-in/Farm-out Agreement
  • Sale and Purchase Agreement

Participants

Professionals, technical and commercial, who routinely deal with joint ventures, advise or decide on the commerciality of oil or gas projects, and those who regularly require to interact with lawyers. The course will also benefit lawyers recently engaged in oil and gas business.

The minimum number of participants is 4, the maximum 6.

Location

Edinburgh

Cost

£800 – excluding VAT.

Dates

To be determined