Course description

This course draws widely on industry case studies and realistic examples to deliver a broad-based, practical introduction to managing oil and gas exploration, development and production contracts.

  • the structure and benefits of different types of international contracts for petroleum exploration, development and production
  • the key elements of oil and gas exploitation contracts
  • how to structure the agreement(s) to meet your company's needs
  • the different needs and expectations of national and international oil and gas companies
  • an understanding of non-financial elements and their impact on economics and profitability
  • how to identify and manage appropriately the risks and opportunities in the contract terms
  • how to differentiate between oil and gas exploitation and marketing issues involved in gas contracts
  • how to model the changing parameters in a typical PSC


This course is aimed at professional oil and gas company personnel at all levels and in all disciplines, including business development; contract negotiations; business analysis; strategic planning; joint-venture representation; and investment in petroleum projects. It also offers an in-depth general understanding of international oil and gas exploitation contracts.


Course content

  • What are "international exploitation contracts" and how do they work?
  • Why do we have PSCs?
  • Who gets the production?
  • How are the contracts dealt with in the exploration phase?
  • What are the objectives in the development and production phase?
  • Where is the balance of risk in the contract provisions?
  • How to manage the economics of international contracts
  • Who pays for and carries the risk during development programmes?
  • How is cost recovery set up and managed?
  • What are the effects of unitisation and redetermination?
  • In what ways are gas contracts different?
  • Future trends

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