Contract Risk Management for the Oil & Gas Industry
16 - 17 Sep :: Brussels
Every oil and gas operation involves numerous contracts, from start to finish. At the moment, oil and gas projects are getting bigger and more challenging, meaning the risk inherent in any contract between parties has also increased, between contractors, sub-contractors, operators and governments alike.
The market is rife with uncertainties, including the actual (rather than projected) project size, the length of time required to carry out the project, the capital required to carry out the project, and contractor loyalty to name some of the most crucial uncertainties.
Often, what is initially laid out in a contract will cease to be relevant 1, 2 or 5 years down the line, when the development takes an unexpected turn. It’s important to remember that ‘contract risk’ doesn’t just refer to the negotiating and writing of the contract, it encompasses the contract’s entire lifetime, until the project finishes. A global perspective is also imperative – confusion in contracts often arises because of a lack of consistency between countries, between companies and also because due to language barriers.
The continually increasing size of oil and gas projects makes Contract Risk a bigger problem than ever before. Due to changes in legislation, unfamiliar legal terrain and terminology, the industry needs to be constantly updated on all aspects, and benefit from the knowledge and experience of others.
For more information see http://www.jacobfleming.com
Posted by Richard Price, Editor, EnergyME.com
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