Upstream Petroleum Contracts

An Intensive 5-day Training Course

Upstream Petroleum Contracts

Comprehensive Hands-On Guide for Oil & Gas Professionals

Upstream Petroleum Contracts

Scheduled Dates


29 Apr - 03 May 2024 Dubai - UAE $5,950 RESERVE A SEAT
13 - 17 May 2024 Kigali - Rwanda $5,950 RESERVE A SEAT
10 - 14 Jun 2024 Istanbul - Turkey $5,950 RESERVE A SEAT
29 Jul - 02 Aug 2024 London - UK $5,950 RESERVE A SEAT
05 - 09 Aug 2024 Amsterdam - The Netherlands $5,950 RESERVE A SEAT
19 - 23 Aug 2024 Dubai - UAE $5,950 RESERVE A SEAT
07 - 11 Oct 2024 Lisbon - Portugal $5,950 RESERVE A SEAT
18 - 22 Nov 2024 Dubai - UAE $5,950 RESERVE A SEAT
30 Dec 2024 - 03 Jan 2025 Dubai - UAE $5,950 RESERVE A SEAT

Are the scheduled dates matching with your needs?

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Why Choose this Training Course?

Petroleum doesn't last forever. It is a non-­renewable resource. This fundamentally drives the business decisions of Governments and companies, a key part of which is that most petroleum contracts are structured to contemplate the entire life span of a project, it's beginning, middle, and end.

Upstream Petroleum contracts can vary widely in their details; however, all must establish two key issues on how profits are divided between the government and participating companies.  

This Petroknowledge training course provides in-depth information on the types of upstream petroleum contracts and what their differences are and what are the main contractual terms participants need to know in order to fully understand all types of Upstream Petroleum Contracts.  This training course will comprehensively cover Production Sharing Contracts, Exploration & Production Agreement (E&P) Exploration & Exploitation Contract, License Agreement, and participants will take away essentials elements of these contracts to be effectively used in their own companies

This Petroknowledge training course is designed to be highly practical and includes hands-on interactive sessions that will help participants understand the practical issues involved and the pitfalls to avoid.  A well negotiated and drafted Upstream Petroleum Contract must stand the “test of time” and provide parties with stability as well as adaptability when circumstances change over the course of the years.

This training course will highlight:

  • The fundamental types of Upstream Petroleum Contracts
  • The advantages and disadvantages of the different types of Upstream Petroleum Contracts and how it is suitable for specific types of projects
  • Concessions, Production sharing & Risk Service Contract, important details and suitability for any oil and gas upstream project
  • The role of JOA in upstream petroleum contracting Conciliation, Mediation and Settlement of Disputes
  • Understanding the essentials terms of Unitization and Farm-in, Farm-Out agreements

What are the Goals?

Participants will have a working knowledge of Upstream Petroleum Contracts and how to apply this knowledge to administering Production Sharing Contracts. 

At the end of this training course, you will learn to:

  • Gain a full understanding of the different types of the 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 these Upstream Petroleum Contracts  

Who is this Training Course for?

This PetroKnowledge training course will benefit all levels of personnel involved in resolution of oil and gas disputes.   It will enable a broad range of disciplines to appreciate and understand the complexities of conflict resolution in the Oil and Gas industry, and how best to manage disputes in the oil and gas industry.

This training course is appropriate to a wide range of professionals but will greatly benefit:

  • 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

How will this Training Course be Presented?

Participants will gain greater understanding of the subject matter through presentations by an experienced international practitioner designed to both inform and broaden the perspectives of the participants. Case studies will be reviewed and discussed bearing in mind some of the realistic scenarios participants may encounter.  Interactive discussions to encourage discussion of problems and possible solutions to it.  Negotiation simulation exercise will help participants get a realistic feel for negotiating a PSA contract.

Organisational Impact

Negotiating Upstream Petroleum Contracts with ease will ensure your organization will benefit by:

  • Enhancing your company’s ability to negotiate upstream contracts beneficial to the corporation in the short and long term bearing in mind future changes in the industry
  • Improving expertise and skill sets of personnel dealing with accounting and audit policies and procedures
  • Understanding the risk factors in these types of contracts and learning how to mitigate them
  • Enhancing internal capacity to auditing critical areas
  • Better managing claims and disputes by avoiding confrontational approaches
  • Enhancing contract personnel’s negotiation skills and confidence

Personal Impact

Attendees will gain by participation in this training course as a result of:

  • In-depth knowledge gained about Upstream contracts and various interpretations to essential clauses of the contract
  • Managing and mitigating risks associated with Upstream contracts
  • Ensuring smooth contract administration of Upstream contracts
  • Enhancing your ability to negotiate and manage disputes

Daily Agenda

Day One: Introduction and Overview of Upstream Petroleum Contracts
  • Brief overview of the O&G industry
  • Oil and gas terminology
  • The legal framework to Upstream Contracts
  • Introduction to contract formation
  • Key oil and gas terminology
  • Oil and gas industry structure
  • Relationship between different players in the oil and gas industry
  • Phases of the oil and gas industry
  • Oil and gas contract fundamentals and legal principles
  • Territorial water, continental shelf and United Nations Convention on the Law of the Sea (UNCLOS)
Day Two: Contracting in the Upstream Sector: Ownership and Licensing
  • Ownership and exploitation of reserves
    • The ABCs of Petroleum Contracts: License-Concession Agreements, Joint Ventures, and Production-sharing Agreements
    • Characteristics of upstream contracts
    • Commercial realities of the oil and gas business
    • Agreement with resource holders
    • Ownership of oil and gas
    • Risk Service Contracts (RSCs)
    • Grant of rights by resource holder
  • Host country's legal and regulatory framework and fiscal regime; stabilization
    • Role of host government
    • Key Issues in international oil and gas contracts
    • Negotiation framework and strategy; objectives of host countries/NOCs and IOCs
  •  Host Government’s Role in Upstream (Exploration & Production (E&P)) Agreements
    • Overview of upstream operations and E&P agreements (types and trends by region)
    • Key differences between Production Sharing Contracts (PSCs), concessions, service contracts and JV contracts
    • Role of Host Government in Upstream Contracts
 Day Three: Production sharing contracts (PSC) & Joint Operating Agreements (JOA)
    • Different approaches and levels of complexity
    • New PSC’s in key jurisdictions
    • The role of calculation
    • Understanding the formulas
    • The non-fiscal legal and contractual terms
    • Contractual terms and conditions
    • Royalties and taxes
  • Commercial terms in licensing and concession agreements
    • Fiscal arrangements, license fees
    • Five key financial aspects to a PSC:
      • Royalty,  The R factor
      • Cost oil
      • Profit oil
      • Taxation
      • Bonuses, Penalties
    • PSC – Cash Flow Distribution
    • PSC – CF Distribution Example – Year N+1
    • Comparison of Fiscal Systems
  • Joint Operating Agreements (JOAs)
    • What is a Joint Operating Agreement (JOA)?
    • Nature, aim and functions of a joint venture
    • Government approval
    • Key areas of the JOA
    • Purpose and scope: participating interests
Day Four: Service Contracts, Farm-In and Farm-Out and Unitization - Risk bearing and Non- Risk Bearing Service contracts
    • Service Contracts
    • Risk Service Contracts
    • Different model forms – sources
    • Risk allocation and insurance
    • Master service contracts
  • Participation Agreements (Farm-in and Farm-out)
    • Agreements for farm-ins and farm-outs
    • Nature of the farm-out
    • Subject matter of the farm-out
    • Interest assigned and reserved
    • Assignment of interest
  •  Unitization and Unit Operating Agreements (UUOAs)
    • What is unitization?
    • Unitization in practice
    • Government approval
    • Transboundary unitization
 Day Five: Negotiating Production Sharing Contracts 
    • Government take
    • Production share and cost recovery
    • Local content
    • Force majeure
    • Dispute resolution
    • Stabilization and renegotiation provisions
  • Negotiation Simulation Exercise
    • Negotiation a PSA with a government entity
    • Objective: The objective is to establish what can be achieved in the meeting, what preparation is needed for it and what strategy should be adopted and then to pursue this strategy
    • Feedback session
  • Negotiation of oil and gas disputes
    • Importance of negotiation in oil and gas business
    • Disadvantages of competitive or positional negotiation
    • Principled negotiation between the parties to achieve best results


  • On successful completion of this Training Course / Online Training Course, a PetroKnowledge Certificate / E-Certificate will be awarded to the delegates.

In Association With

GLOMACS Training

Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients

Oxford Management Centre

Our collaboration with Oxford Management Centre aims to provide the best training services and benefits for our valued clients.

The Energy Training Centre

Our collaboration with The Energy Training Centre aims to provide the best training services and benefits for our valued clients.

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Frequently Asked Questions

  • To register online through our website, please click “Enroll Now” on the course page, complete and submit the form. A confirmation e-mail and instructions will be sent to the participant’s e-mail.
  • You may also get in touch with our Registration Team on
    +971 50 981 7386 | +971 2 557 7389 or send an email to

  • Payments can be made in USD or UAE local currency AED (Arab Emirates Dirhams) either by Bank Transfer or by Credit Card. Our Bank Account details will be provided on the invoice.
  • Course fees are payable upon booking unless a valid, authorized Purchase Order is provided and accepted.
  • Invoices will be sent via email/courier to the ID/name and address provided.
  • The course fee shall be settled prior to course start date. Corporate payments with existing payment policy shall be relayed to us in advance.

Upon successful registration online, enrolment on the respective training course will be confirmed by Registration Team by e-mail along with the invoice and joining instruction.

For corporate fees and group registration, please send your query to

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