The oil & gas petroleum contracts are one of the important contracts in the legal and economical field, this type of contracts had been issued during the end of the 19th century, specifically in 1859 by exploring petroleum in US, starting from this date the oil & gas contracts had been widely spread in the world by signing the first exploration contract in Egypt on 1885 and in Saudi Arabia in 1923. The first edition of those contracts was concession contracts in its old version which depending on exploring in huge spaces and for a long period of time, a new era had been started in the 50’s by the commercial exploration of the petroleum and an advanced industry in oil & gas field had been found by the tycoon companies, example but not limited, Liquefied Natural Gas (LNG) and drilling industry this improvement leads to establish the Organization of the Petroleum Exploring Countries (OPEC) on 1960. In the beginning of the 70’s the oil prices had been dramatically increased from $3 to $12 by 400%, this increase positively effects on the investment, industry, local laws and the structure of the oil & gas contracts.
About the Course
The oil & gas petroleum contracts are one of the important contracts in the legal and economical field, this type of contracts had been issued during the end of the 19th century, specifically in 1859 by exploring petroleum in US, starting from this date the oil & gas contracts had been widely spread in the world by signing the first exploration contract in Egypt on 1885 and in Saudi Arabia in 1923. The first edition of those contracts was concession contracts in its old version which depending on exploring in huge spaces and for a long period of time, a new era had been started in the 50’s by the commercial exploration of the petroleum and an advanced industry in oil & gas field had been found by the tycoon companies, example but not limited, Liquefied Natural Gas (LNG) and drilling industry this improvement leads to establish the Organization of the Petroleum Exploring Countries (OPEC) on 1960. In the beginning of the 70’s the oil prices had been dramatically increased from $3 to $12 by 400%, this increase positively effects on the investment, industry, local laws and the structure of the oil & gas contracts.
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1- Concession Agreements: As one of the oldest types and the main concrete of oil and gas contracts, the concession agreements is the main contract in which all of the oil & gas agreements are based upon, In Egypt, this type of contracts establishes a company for oil & gas production.
2- Production Sharing Agreements (PSAs): One of the newest types of contracts in oil & gas field, this kinds of contracts, the Production Sharing Contracts or PSCs and Service Contracts are different from concessions, in that they do not give an ownership right to oil in the ground. This also means that the state, being the owner of the resource in the ground, must contract a company to explore on its behalf.
3- Joint Operation Agreements: It is not widely spread agreements, mostly it is used for a certain project or for establishing a company for a certain oil & gas service, this involves the state, through a national oil company, entering a partnership and working together with an oil company or companies. In this arrangement, it is the joint venture itself that is awarded rights to explore, develop, produce and sell petroleum. In reality it is rare to find any contract that fits entirely into one of the descriptions given above and is more likely to take elements from each.
4- Services Agreements: It is a complementary services and consists from a number of contracts based upon the concession agreement, example but not limited, onshore or offshore Rig rent, Seismic Services Contracts and BOP rent contracts. *The aforementioned types of contract will be studied in details taking into consideration the historical background, form, technical points, affiliated contracts and expressions of each contract in details during the course. The course will discuss the oil and gas laws in Egypt and review the important articles in these laws as a base to explain the various types of oil & gas contracts. Also, the practical examples which faces the lawyers especially in their career beginning or interviews will be discuss.
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