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Upstream Oil and Gas Agreements on the UKCS

Upstream Oil and Gas Agreements on the UKCS What is the UK Continental Shelf (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 project will require several different legal contracts, the precise mix of which will depend on the project specifics, including the nature of the field, the parties to the project and the anticipated activities to be carried out. We set out below a brief overview of the most common commercial agreements found at each stage of a typical upstream petroleum project on the UKCS. The associated financial agreements required in connection with an upstream petroleum project and agreements relating to the acquisition and disposal of assets on the UKCS are outside the scope of this Practice Note. Licensing Licensing refers to the process by which a party bids for and is awarded a licence to explore for and/or to produce petroleum. For further information, see Practice Note: Oil...

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Court dismisses 'ambitious' AA 1996, s 68 challenge to UNCITRAL award (PT Transportasi Gas Indonesia v ConocoPhillips)

Arbitration analysis: Sir Jeremy Cooke, sitting as a High Court Judge in the Commercial Court, has dismissed a claimant’s challenge to an United Nations Commission on International Trade Law (UNCITRAL) arbitration award for serious irregularity pursuant to section 68 of the Arbitration Act 1996 (AA 1996) and granted the defendant’s application for leave to enforce the award under AA 1996, s 66(1). The underlying dispute arose out of a gas transportation agreement. The decision is of interest to practitioners due to the nature of the underlying dispute and the court’s robust approach to the serious irregularity challenges made by the claimant.

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