About this Virtual Instructor Led Training (VILT)
The reduction in commodity prices for crude oil and natural gas presents an opportunity for investors looking to acquire assets without taking on elements of exploration and market risks. Conversely, operators want to ensure that they are in the best position to monetise the disposal of interests in their portfolios. The material in this Virtual Instructor Led Training (VILT) covers the range of considerations that occur in the sale and purchase of upstream oil and gas properties. They include structuring (asset sale, share transfer, merger, interest swaps, and farm-outs), process (tender, direct negotiation, due diligence, preliminary and final agreements, closing and post-closing adjustments) and funding (credit agreements and reserve base lending).
Participants will gain an in-depth understanding of the following considerations in the sale and purchase of upstream oil and gas properties:
- Competing business models for the Buyer and Seller.
- Options for structuring acquisitions and the process for completing transfers.
- Principles of due diligence in evaluating oil and gas properties.
- Governmental and commercial consents and approvals.
- Difficult issues and potential pitfalls and reaching a successful outcome.
- Credit agreements for funding acquisitions.
After the completion of this VILT, participants will be able to:
- Plan and prepare for the sale or purchase of upstream oil and gas properties.
- Select and structure the type of transaction best suited to the position of the Buyer and Seller.
- Conduct and evaluate the commercial, operational, and legal aspects of due diligence.
- Negotiate and document the terms and conditions contained in sale and purchase agreements for oil and gas properties.
- Conduct post-closing adjustments in the sale and purchase of operating properties.
- Assist in the negotiation of credit arrangements to fund the purchase of oil and gas properties.
This VILT has been specifically designed for commercial, operating, legal and financial professionals involved in the sale and purchase of upstream oil and gas properties whose roles include:
- Conducting tenders for the sale of exploration and operating interests
- Performing due diligence reviews
- Negotiating preliminary and definitive agreements
- Arranging credit agreements and other types of funding
Your expert course leader is an international legal expert in petroleum law who is based in Scotland. He received the degrees of Juris Doctor from the University of Wyoming and LLM-Energy Law from the University of Utah. He has been listed in the Guide to the World’s Leading Energy and Natural Resources Lawyers. In over 30 years of practice, he has been chief legal officer in petroleum companies, consultant to development banks and aid programmes, and law professor.
His private sector experience included positions as General Counsel of the Petroleum Corporation of New Zealand and Chief Legal Officer for Sinclair Oil Corporation in the United States. He has been a consultant to the Asian Development Bank, The World Bank and the European Investment Bank on petroleum sector policy, gas sales agreements, and production sharing contracts. This has included assignments in Cambodia, Bangladesh, India, Indonesia, Laos, Pakistan, Papua New Guinea, Philippines, and Vietnam.
Your expert course leader has been an adviser and trainer on negotiations for various petroleum companies including BP, BG Group, Gazprom, KazMunayGas, Perushaan Gas Negera, Pertamina, PETRONAS, Philippine National Oil Corporation, Total, Shell and Statoil. He was appointed by Economic Community of West African States (ECOWAS) as the lead negotiator on behalf of four West African governments for the West African Gas Pipeline Project.
His academic credentials include an appointment as Distinguished Visiting Professor for Oil & Gas Law at the University of Wyoming. He is currently Honourary Professor for International Petroleum Law at the University of Dundee Centre for Energy, Petroleum & Mineral Law and Policy. At CEPMLP, he has been the Course Director and principal instructor for seminars on Petroleum Industry Negotiations, Petroleum Service Contracts, Gas Industry Contracts, and Downstream Petroleum Law. He is the course author of International Comparative Petroleum Law. His publications include A Framework for Negotiating and Documenting International Petroleum Transactions and A Framework for Negotiating and Managing Production Sharing Contracts and Related Agreements. His academic work has been published in the Land and Water Law Review, Tulsa Law Journal and Journal of Comparative and International Law.