The oil and gas industry heavily relies on Production Sharing Agreements (PSA) and Production Sharing Contracts (PSC) to create a contractual framework between Governments and Contractors. These agreements outline how costs will be recovered, profits shared, and the roles of the parties in operation as well as how to resolve any disputes that may arise. The nature of PSAs and PSCs, combined with their complexity and duration, along with the large amounts of money involved, makes them a breeding ground for contractual disagreements, conflicts in interpretation, and audit-based disputes. The PSA/PSC Contract Disputes Resolution and Audit Training Course is intended to provide those in the industry with a comprehensive understanding of how disputes occur, how to effectively manage them, and how to use audit processes to prevent and resolve them.
The Imperial Corporate Training Institute provides a full-scale training course that teaches the practical challenges that arise during contract execution, audit review, and dispute resolution for both PSAs and PSCs. The training course will expose participants to dispute resolution processes and the risks associated with them, applicable audit findings and compliance issues, and the various contract audit practices and procedures, significantly enhancing Governance while at the same time protecting Stakeholders interest and creating Clarity throughout the life cycle of Oil and Gas Agreements, by combining the best practices of both methods.
Objectives
By the end of this training course, participants will be able to:
- Familiarise yourself with the legal and commercial frameworks that govern Oil & Gas PSA/PSC contracts
- Recognise the common sources of contractual disagreements related to interpreting terms of the contracts, recovery costs, and performing contracts
- Use appropriate methods for resolving disputes based on PSA/PSC model Contracts
- Improve auditing your contracts through better contract audit planning, executing, and reporting.
- Understand auditing results that could potentially create contractual disputes
- Know how to assess dispute resolution clauses like negotiation, mediation, arbitration, and expert determination
- Increase collaboration among audit teams, legal counsel, and contract management teams
- Promote compliance, openness, and responsibility through a formalised contract audit process.
- Reduce the occurrence of contractual disputes through improved drafting practices, audit controls, and dispute prevention methodologies.
Target Audience
This course is designed for professionals involved in managing, auditing, or resolving disputes related to oil and gas contracts, including:
- Contract managers and contract administrators
- Internal and external auditors involved in contract audit activities
- Legal advisors and in-house counsel working on PSA and PSC agreements
- Finance and cost recovery professionals
- Joint venture and government liaison officers
- Compliance, governance, and risk management professionals
- Project managers and commercial managers in the oil and gas industry
- Professionals seeking advanced knowledge in dispute resolution and audit within PSA/PSC frameworks