Petroleum Contracts - English Law & Practice, 2nd Edition

Petroleum Contracts - English Law & Practice, 2nd Edition

Overview of Petroleum Contracts - English Law & Practice:

• Provides an elucidation of the pertinent principles of English law as they are employed in and utilized by the essential clauses of petroleum contracts on a global scale.
• Emphasizes the distinctive commercial and technical characteristics that distinguish petroleum contracts from general commercial agreements.
• Merges a pragmatic, industry-focused methodology with thorough analysis and extensive referencing, delivering an accessible and comprehensive reference.
• Outlines the governing legal principles chapter by chapter, followed by the illustration of their application through numerous examples to assist practitioners in their research.

Description of Petroleum Contracts - English Law & Practice:

In response to the prevalence of English law as the dominant language governing global petroleum transactions and the escalating worldwide demand for new oil and gas sources, this extensively revised edition examines the application of English law to contracts related to project investment, financing, and development. The book furnishes practitioners and other stakeholders with vital operational details while providing guidance on how English law influences the interpretation of relevant provisions. Remarkably, the coverage extends beyond petroleum contracts formed in the UK to encompass all such contracts worldwide, offering exceptionally comprehensive insights into this continually expanding sector for the international market.

This work serves as a self-contained practical guide on applying English law to petroleum contracts, offering a meticulous and scholarly analysis referencing all pertinent contracts and case law. Commencing with an overview of the English legal system and general contract law, the author then identifies the unique characteristics that distinguish petroleum contracts, encompassing upstream, midstream, and downstream agreements. Examined contracts include those involving financing, management, sale, purchase, and exchange of petroleum assets and interests (referred to as interest contracts) and those for the management, sale, purchase, and exchange of petroleum quantities, storage, transportation, and capacities (referred to as commodity contracts). Subsequent chapters cover preliminary petroleum contracts, the obligation to negotiate, conditions precedent and subsequent, joint ventures, third-party involvement, and the implications for privity. Detailed discussions on breaches, doctrines related to impossibility of performance, and legal considerations on damages, termination, liability allocation, and equitable remedies follow. The final chapter encompasses miscellaneous analysis of all relevant provisions, ensuring a truly comprehensive examination of the sector.

This updated edition incorporates new chapters on contract architecture and related issues, as well as additional sections on the Limitation Act and tolling, further assurances, quantum meruit, and estoppel. Existing chapters have been revised in light of key cases on good faith and relational contracts, fiduciary duties, and recognitions of consequential loss, among other developments. As English law continues to gain international significance, this text is indispensable for practitioners in various jurisdictions dealing with contract drafting or international transactions under the umbrella of English law.

Table of Contents of Petroleum Contracts - English Law & Practice: