About the Upstream Petroleum Contracts Course

Time Training Center’s 5-day, 30-hour Upstream Petroleum Contracts course provides strategic insights into oil and gas agreements, covering the full lifecycle of exploration and production. It equips professionals with the knowledge to effectively navigate the legal, commercial, and fiscal complexities of the global oil and gas industry.

The course covers the structure and types of upstream petroleum contracts, including PSCs, RSCs, Licensing Agreements, and Joint Operating Agreements (JOAs). It highlights the essential legal and fiscal terms governing exploration rights, development responsibilities, production sharing, and risk allocation. The course also examines the impact of national laws and international frameworks on contractual obligations.

Through theory, practical examples, and interactive exercises, our course equips professionals to manage, negotiate, and analyze upstream petroleum contracts with confidence. It is designed to enhance your ability to ensure long-term profitability, compliance, and operational stability in the dynamic and crucial sector of oil and gas.

Upstream Petroleum Contracts Course Objectives

​By the end of this Upstream Petroleum Contracts training course, participants will be able to:​

• Gain a full understanding of the different types of upstream petroleum contracts
• Understand the main contractual terms and their differences between the various types of contracts from PSA, service contracts, and others
• Be aware of the approaches to negotiation of these contracts
• Incorporate the best terms into upstream petroleum contracts
• Apply practical knowledge to administer Production Sharing Contracts
• Interpret key legal, fiscal, and operational elements across different contract types
• Understand the accounting and auditing procedures related to upstream contracts

Training Methodology

We employ a comprehensive and applied learning strategy, integrating theory with real-world implementation:

• 30% Conceptual Learning: Expert-led sessions on catalytic theory and engineering principles
• 20% Interactive Workshops: Group exercises, presentations, and technical discussion forums
• 30% Case-Based Learning: Industry-specific examples and troubleshooting scenarios
• 20% Technology Integration: Digital tools, simulations, and catalyst modeling applications

Note: Instructors may adjust the training approach to fit technical requirements or participant engagement levels.

Course Instructor

Our courses are delivered by highly qualified instructors with extensive experience in both industry and academia. With decades of hands-on expertise across a wide range of technical disciplines, our instructors are dedicated to providing high-quality, impactful training that equips participants with practical knowledge and skills they can immediately apply. Full instructor profiles are available upon request.

Course Fees

The course fee includes the following:

• Course Materials: Comprehensive participant materials, including lecture notes, slides, and case study documents. (Tablet or IPAD)
• Coffee/Tea: Provided on arrival and during morning and afternoon breaks to keep participants refreshed.
• Buffet Lunch: Served daily to ensure participants have an opportunity to network and recharge during lunch breaks.

Who Should Attend Our Upstream Petroleum Contracts Course?

This training course is highly beneficial for professionals involved in legal, contractual, and commercial aspects of upstream oil and gas operations, including:

• Senior Contract Negotiators and Managers
• Legal Managers, Legal Counsel
• Commercial and Business Managers
• Contracts Administrators and Managers
• Commercial, Financial and Insurance Professionals
• Project and General Management Personnel

Upstream Petroleum Contracts Course Outline

Module 1: Fundamentals of Upstream Petroleum Contracts

• Pre-test assessment of existing knowledge
• Introduction and overview of upstream petroleum contracts
• Brief overview of the oil and gas industry
• Key oil and gas terminology
• Industry structure and lifecycle of upstream projects
• Contract formation and legal principles in oil and gas agreements
• Legal jurisdiction and UNCLOS (United Nations Convention on the Law of the Sea)
• Territorial water and continental shelf considerations

Module 2: Ownership Structures and Licensing Frameworks

• Ownership and exploitation rights of petroleum reserves
• Types of upstream petroleum contracts: License, Concession, JV, PSC
• Characteristics and suitability of contract types for different environments
• Grant of rights and the host government’s legal and fiscal regime
• Stabilization clauses and their role in investor assurance
• Risk service contracts and contractual implications
• National oil companies (NOCs) vs. international oil companies (IOCs): Interests and roles

Module 3: Production Sharing Contracts and Joint Operating Agreements

• In-depth analysis of Production Sharing Contracts (PSCs)
• Fiscal arrangements: royalty, cost oil, profit oil, taxation
• Bonuses, penalties, and R-factor calculations
• Cash flow distribution models and examples
• Comparison of fiscal systems across regions
• Structure and purpose of Joint Operating Agreements (JOAs)
• Key JOA provisions: participation interests, obligations, government approvals

Module 4: Farm-In, Farm-Out, Unitization and Service Contracts

• Risk-bearing vs. non-risk-bearing service contracts
• Nature, scope, and structuring of farm-in and farm-out agreements
• Assignment of interests and legal implications
• Unitization and unit operating agreements (UUOAs)
• Legal considerations in transboundary unitization
• Government involvement and approvals in unitization processes

Module 5: Negotiation, Renegotiation, and Dispute Resolution

• Negotiation of upstream contracts with host governments
• Key clauses: government take, cost recovery, local content, force majeure
• Stabilization and renegotiation mechanisms
• Dispute resolution methods: arbitration, mediation, conciliation
• Structured negotiation simulation: drafting and negotiating a PSC
• Strategic negotiation planning: objectives, preparation, and execution
• Principles of interest-based negotiation versus positional bargaining

Module 6: Capstone and Assessment

• Review of Core Topics and Key Learnings
• Final Group Discussion and Q&A
• Post-Test Evaluation
• Certificate Presentation

Course Completion Certificate

Upon completing your course at Time Training Center, you will be awarded an official Course Completion Certificate, recognizing your achievement and the skills you've gained. This certificate validates your expertise and reflects the high standards of training you've undergone.