Introduction 😮 Fundamental features of the Petroleum Exploration and Production activity
o The E&P phases and decision process: Handling the risks
o Historical evolution of international petroleum contracts
o Host governments’ objectives. Energy policy and Petroleum Law
o IOC’s objectives: Profitability, access to hydrocarbons, reserve booking

Analyzing the different types of contracts: How does it work ?
o Concession type contracts
o Production Sharing type contracts
o Service and Risk service contracts
o Reserves booking under the different types of contracts
o Using an economic model to evaluate the “Barrel Split”: Definition and significance of the various economical indicators: NPV, IRR, POT, etc..
o Case studies: Interpreting results and identifying key parameters
o What and how to negotiate?

E&P Model contract provisions
o Natural gas production under international contracts
o Operating issues and how they are accounted for in JOA’s
o JOA Model contract provisions
o Farm in and farm out agreements / Joint study and bidding agreement

Exploration decision:
o Economic evaluation of exploration projects, the decision tree approach
o Practical examples, discussion and conclusion