Petroleum contracts vary greatly in details but key points still revolve around how profits are shared and how costs are treated. Contracts may lead to a loss when not negotiated and framed properly. The parties involved including companies, contractors, and government must protect themselves against possible losses. Negotiating and implementing contract terms require skillful bargaining and understanding contracts. In this course, the foundation of petroleum contracts (ie, English Contract Law), the different types of contracts, and how these contracts are applied are covered.
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