Day 1: Introduction and Overview of Upstream Petroleum Contracts
Brief Overview of the O&G Industry
Oil and Gas Terminology
The Legal Framework to Upstream Contracts
Introduction to Contract Formation
Key Oil and Gas Terminology
Oil and Gas Industry Structure
Relationship between Different Players in the Oil and Gas Industry
Phases of the Oil and Gas Industry
Oil and Gas Contract Fundamentals and Legal Principles
Day 2: Contracting in The Upstream Sector: Ownership and Licensing
Ownership and Exploitation of Reserves
The ABCs of Petroleum Contracts: License-Concession Agreements, Joint Ventures, and Production-sharing Agreements
Characteristics of Upstream Contracts
Commercial Realities of the Oil and Gas Business
Agreement with Resource Holders
Ownership of Oil and Gas
Risk Service Contracts (RSCs)
Grant of Rights by Resource Holder
Host Country's Legal and Regulatory Framework and Fiscal Regime - Stabilization
Role of Host Government
Key Issues in International Oil and Gas Contracts
Negotiation Framework and Strategy - Objectives of Host Countries / NOCs and IOCs
Host Government ‘s Role in Upstream (Exploration & Production (E&P)) Agreements
Overview of Upstream Operations and E&P Agreements (types and trends by region)
Key Differences between Production Sharing Contracts (PSCs), Concessions, Service Contracts and JV Contracts
Day3: Nigeria’s 1969 Act and Petroleum Profit Tax Act (PPT)
Nigerian Modified Concessionary / JV System
Nigerian 1993 & 2000 PSC System
Deep offshore and Inland Basins Production Sharing Act
Nigerian 2005 PSC System
The Legal Framework of The Petroleum Industry Act 1969 and PPT Act.
Royalty
Education Tax
Adjusted Profit
Assessable Profit
Chargeable Profit
Petroleum Profit Tax (PPT)
Investment Tax Allowances and Investment Tax Credit
Production Sharing Contracts
Day 4: The legal and fiscal framework of the Nigerian Petroleum Industry Act 2021
Exploration license
Petroleum Prospecting license (PPL)
Petroleum Mining License (PML)
Petroleum Host Community Development Fund
Royalty based on production rate
Royalty based on price inflation.
Adjusted Profit Modelling
Assessable Profit Modelling
Chargeable Profit Modelling
Cost Price Ratio
Production Allowance
Hydrocarbon Tax
Company Income Tax
Production Sharing Modelling
Day 5: Project Performance under the new PIA 2021
The behavior of the new PIA at low prices and low production rates
The Impact of Nigerian Petroleum Industry Act 2021 on Project Profitability.
The impact of the PIA2021 on the development of marginal fields
The impact of the new PIA on both the government and contractor take
The impact of the new PIA on the economic life of the fields.
The impact of the new act on the booked reserves.
The advantage and disadvantages of the PIA 2021