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About this Training Course
This intensive three-day Oil & Gas Partnerships Mastery programme provides participants with a comprehensive understanding of the contractual, commercial and operational foundations of upstream oil and gas partnerships.
Focusing on Joint Ventures (JV), Joint Operating Agreements (JOA) and Production Sharing Contracts (PSC), the course examines how each structure is set up and how value, risk and control are allocated between the parties across the life of an upstream project — from exploration and appraisal through development, production and eventual decommissioning.
Participants will gain practical insight into key upstream contract terms, including governance and voting arrangements, participating interests and sole-risk provisions, cash calls and funding mechanisms, default and forfeiture remedies, transfer and pre-emption rights, as well as PSC elements such as cost recovery, profit-oil sharing, government take and fiscal-stability protections.
Negotiation and risk management are also a core component of the course, supported by case studies on negotiating playbooks, dispute resolution and operator change requests.
1. What are oil and gas partnerships?
Oil and gas partnerships bring two or more parties together to develop upstream projects. Companies may use Joint Ventures, Joint Operating Agreements, and Production Sharing Contracts to structure these relationships. As a result, each party can clearly understand its rights, risks, funding duties, and decision-making authority throughout the project lifecycle.
2. What is the difference between a Joint Venture, JOA and PSC?
A Joint Venture defines how companies participate together in an upstream project. Meanwhile, a Joint Operating Agreement sets rules for operators and non-operators, including governance, budgets, cash calls, and liabilities. A Production Sharing Contract focuses on commercial and fiscal terms. For example, these terms may include cost recovery, profit oil, government take, and fiscal stability.
3. What are the advantages and disadvantages of joint ventures in oil and gas?
Joint ventures allow companies to share investment costs, project risks, and operational responsibilities. In addition, they provide a structure for joint funding and decision-making. However, partners may disagree over budgets, control, cash calls, or exit rights. Therefore, clear agreements can reduce uncertainty and define each party’s responsibilities.
4. How do upstream partners manage costs and revenues?
Upstream partners use contractual mechanisms to allocate project costs and economic returns. Under a JOA, companies may fund activities through cash calls and approved budgets. In contrast, a PSC may allow contractors to recover eligible costs before sharing profit oil. Additionally, PSC terms can address bonuses, government take, ring-fencing, and other fiscal arrangements.
5. What are the main risks in oil and gas partnership agreements?
These agreements can create commercial, financial, contractual, and governance risks. For instance, common issues include partner default, funding disputes, operator disagreements, and transfer restrictions. Force majeure and decommissioning obligations can also create challenges. Therefore, strong governance, due diligence, and clear contract terms can help parties manage these risks.
6. What trends will shape future upstream oil and gas agreements?
Future upstream agreements increasingly address technology, sustainability, and energy-transition issues. For example, agreements may cover carbon capture, hydrogen, and decommissioning funding. Moreover, JOAs may address AI and data sharing, while new PSCs may include ESG obligations. Industry consolidation may also increase farm-ins, M&A, unitisation, and redetermination activity.