The Ultimate Oil & Gas Contract Management

Course overview

The oil and gas business has particular risks and complications since so much depends on its suppliers, vendors, and distribution networks. These risks and complexities underscore the necessity for a well-defined strategy for the creation and implementation of long-term contracts. A solid understanding of important contract governance areas is necessary to simplify all corporate activities. Energy companies must have a flexible contract management system that can keep up with the needs of a wide range of stakeholders in the dynamic regulatory environment of today.

Why is contract management in the oil and gas industry successful?

It is essential to have a clearly defined chain of command for the transfer of contracts once they have been signed because of the high stakes and complex nature of the oil and gas business. It is vital to identify who is responsible for carrying out and/or overseeing each activity, as well as what procedures must be taken in order for each contract provision to be successfully implemented. In order to lessen the effects of under-delivering, it is essential to set up an early detection system that enables problems and threats to be identified early and remedied as soon as is practical. Value leakage frequently results in unrealized profits. Contracts should be carried out as completely as possible with a plan in place to monitor value loss and any hazards.

Introduction

What KPIs may be used to measure the success of oil and gas contracts?

Key performance indicators (KPIs) allow contract managers to monitor how well their teams are doing in achieving the goals outlined in the contract. If properly developed and executed, key performance indicators (KPIs) may significantly influence results and projects in addition to playing a role in inspiring activities. The annualized contract value, terminated contract remaining value, order value deviation from original contract value, supplier misconduct, contract adherence, and complaints settled are some key performance metrics.

Participants in the Oil and Gas Contract Management Training Course offered by Trainee Bee will gain a thorough understanding of how the contemporary oil and gas sector operates. The corporation and the industry are both supported by oil and gas contracts. This will provide students a basis for understanding how the rights and obligations of the host nation and the operators are determined and specified in oil and gas contracts. The underlying legal frameworks for licensing, production sharing agreements, and service agreements will be identified and addressed in order to provide a thorough understanding of them. The topic of typical commercial contracts will also be explored, including buy-sell and transportation agreements. Students will get a foundational understanding of the critical risk management practices incorporated in oil and gas contracts through this course. Participants will learn about protecting capital in the oil and gas industry.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing The Ultimate Oil & Gas Contract Management, participants will be able to:

• to become familiar with and comprehend the legal principles that govern oil and gas contracting
• must become familiar with all aspects of contracts, including as licensing, production sharing, and service supply
• must get knowledgeable about potential risks and utilize suitable contractual provisions to reduce such risks
• to strengthen the participant’s ability to manage and negotiate throughout deals
• to identify, assess, and manage the most significant categories of contractual risks

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.
• Case studies – Participants will be presented with realistic scenarios and case studies that demonstrate effective strategies related to the topic. These activities will encourage participants to think critically and apply their knowledge to real-life situations.

Training Medium

This The Ultimate Oil & Gas Contract Management training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What prior knowledge or experience do I need to have to successfully complete the Oil and Gas Contract Management Course?
• How will I be able to apply the knowledge and skills gained in this course to my career?
• What types of contract-related issues will I learn to resolve during this course?
• How current is the industry information covered in the course?
• Will I have access to case studies and other practical examples for better understanding?
• What type of assessments or activities will I be required to complete to demonstrate my understanding?

Course Modules

This The Ultimate Oil & Gas Contract Management covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Oil and Gas Agreements

• Principles of Oil and Gas Contracting
• Interdependence and Exclusiveness
• Allowances/Licenses
• Contracts for Work and Services

Module 2 – Supply Chain Administration

• Acquisition Price comparison
• Creating the Workspace Management of the Supply Chain Identification and Management of Risk in the Supply Chain Eligible Vendors

Module 3 – Important Contractual Issues and How to Address Them

• Force Majeure Penalty and Performance
• Reimbursement and Liabilities Payment and Pricing

Module 4 – Managing Contract Effectiveness

• Service level agreements (SLAs): Recognizing and Managing Supplier Risk
• Changing the Work Scope Indicators of Key Performance

Module 5 – Resolution of Disputes in the Petroleum Industry

• Damages and Additional Compensation
• Compromise, negotiation, and resolution
• Third-party disagreements
• Litigation vs. Arbitration as Enforcement Measures

Module 6 – Managing the Efficiency of Contractors

• Obtaining and maintaining supplier compliance with contract requirements
• Service level agreements
• Creating SMART objectives
• Choosing KPIs
• Contracts Governance

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• What challenges are involved in the international contracting processes in Oil and Gas?
• How can organizations maximize their negotiation positions in Oil and Gas contracting?
• What regulatory structures exist for Oil and Gas contracts, and how does one navigate them?
• What strategies can be used to manage contract duration and costs in Oil and Gas?
• How can data analysis be leveraged to extract more value from Oil and Gas contracts?
• What risk management strategies should be employed when negotiating and managing an Oil and Gas contract?

Lessons Learned

The key lesson from this Oil and Gas Contract Management course is the importance of understanding the many facets involved in managing an agreement and staying up to date on regulatory changes that may impact the agreement. Effective contract management requires a clear understanding of legal terminology, terms, and conditions. Businesses must also stay abreast of technological advances in the field of contracting, such as digitalization, to ensure their contracts are secure and do not leave loopholes for risk. Furthermore, the ability to maintain compliance is key, as penalties for non-compliance can create major financial losses for companies.

“Avoid letting oil and gas contracts deplete your resources. Put management in place to maximize the potential of your company!”