Upstream oil and gas—exploration and production

Upstream oil and gas—exploration and production guidance:

Licensing and Regulation Regulatory Bodies The former Department of Energy and Climate Change (DECC) (now the Department of Business, Energy and Industrial Strategy...

Practice Note

Introduction The Industry Mutual Hold Harmless Scheme (IMHH) was introduced in 2002 following an in-depth cross-industry consultation process, facilitated by Leading Oil...

Practice Note

Role of oil service agreements in a petroleum project A typical oil and gas project can be divided into four key stages: • exploration/appraisal—when a company will look...

Practice Note

Due diligence In common with mergers and acquisitions (M&A) transactions generally, prior to executing an acquisition in the context of the oil and gas sector, a buyer...

Practice Note

Scope A farm-out is, in effect, a mechanism pursuant to which the owner of a participating interest in certain oil and gas assets (the Farmor) agrees to divest a...

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What is a force majeure clause Contractual force majeure (FM) clauses contain provisions which, where specified types of unforeseen circumstances beyond a contractual...

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The joint operating agreement (JOA) has a number of key commercial provisions. Scope The scope of the JOA is, generally speaking, to 'establish the respective rights and...

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The principal forum for the battle of wills between the operator and the non-operating parties is the operating committee (OpCom) (at least where a joint operating...

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Scope The joint study and bid agreement (JSBA) is a contractual arrangement commonly used in the international oil and gas industry, where multiple parties wish to...

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Introduction A production sharing contract (PSC) is a contractual relationship between a host government and a private sector participant (‘investor’) whereby the...

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Introduction During the due diligence exercise, any issue raising concerns will be flagged up in the due diligence reports of the relevant team (legal, technical,...

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1. First principles In the simplest case, a state will grant a concession granting the right to explore for and to produce petroleum to a single company, acting as the...

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Introduction Commonly, oil and gas licence holders enter into separate joint operating agreements (JOA) which regulate the relationship between them with respect to how...

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The Master Deed is the standardised process used in the oil and gas industry on the United Kingdom Continental Shelf (UKCS) to formalise asset transfers. It is a...

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The purpose and scope of petroleum agreements In order for a private sector participant (the ‘investor’) to carry out oil and gas exploration and production (‘E&P’)...

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UKCS Petroleum Project Lifecycle The lifecycle of a typical petroleum project on the UKCS can be viewed in the following stages: Each stage of an upstream petroleum...

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