Publisher's Synopsis
The upstream oil and gas industry is a high-risk, high-value activity. When operations run smoothly and oil prices are high, immense profits can be achieved. However, when accidents happen the consequences can be catastrophic, as incidents such as Deepwater Horizon and the Piper Alpha disaster attest.Liability allocation provisions are therefore of vital importance in oil and gas contracts. This comprehensive text addresses the large number of practical challenges stemming from the drafting, interpretation and implementation of such clauses, all in one distinct volume. The author provides an expert account of the industry's liability allocation regime, explains the reasons behind industry practice, analyses the extent to which the law challenges the industry's intentions to re-allocate risk in this way, and addresses the technical difficulties inherent in using contracts as a means of re-allocating liability. The book also considers the unique features of offshore contracting, as well as the particular liability allocation issues which can be anticipated to arise as a result of onshore contracting.This is essential reading for oil and gas lawyers worldwide, particularly those involved in dispute resolution and contract negotiation in the upstream industry. It will also be of interest to those studying and researching energy law.
