Author(s): Marc Hammerson - Stephenson Harwood LLP
Publication date: Jul 2011
Recommended for a comprehensive understanding of the contracts and national and international laws that shape today's industry.
In general, I found the 'commentary' sections of the book interesting, well-written and helpful.
Legal practitioners and commercial managers will especially appreciate Hammerson’s practical and commercial advice on how to manage some of the legal areas of uncertainty. They will also appreciate the highly accessible format and style of the book.
In summary, this easily accessible single volume guide fills a gap in the market and is certain to occupy a position above my desk for a number of years.
Oil and gas contracts are shaped by national and international laws that relate to common industry transactions. With standardised contracts being used across different jurisdictions, it is important that these legal principles are properly understood. The increasing scarcity of natural resources makes it more, rather than less, likely that legal issues will be tested in the oil and gas sector.
This title seeks to explore industry issues using a new approach. It includes comprehensive commentaries on topics in the oil industry and links these with edited extracts from underlying legal texts. The reader benefits from the combination of both a full analysis of key legal issues and selected passages of text from legal sources.
Taking exploration and production in the United Kingdom as its subject matter, the book also cites other jurisdictions by way of comparative study and on issues where the United Kingdom lacks decided case law. It also sets out the various international conventions and European laws which directly or indirectly form the basis of UK law and government practice and policy.
Chapters cover exclusive licences, joint operating agreements, unitisation agreements and gas sales agreements. The book also analyses issues such as ownership of petroleum, the law of capture, rights of exploitation, the legal nature of exclusive licences, decommissioning, investor protection and human rights based on the principal legal obligations of parties and governments.
Author Marc Hammerson is a partner at Akin Gump. He has extensive experience advising energy majors and independent energy companies on upstream and downstream oil and gas and power.