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Professional training course · OG-030

Production Sharing Contracts and Upstream Agreements

Production sharing contracts and related upstream agreements define the relationship between host governments and oil companies for decades. They govern exploration…

  • 5 daysClassroom
  • 13Upcoming dates
  • 7Cities
  • £2,250Fees from
View dates & register Get quotation Download PDF
Production Sharing Contracts and Upstream Agreements
Next classroom session Istanbul 21 - 25 Dec 2026 · £2,850 Next in London London 19 - 23 Jul 2027 · £4,200

Course overview

Why Attend

Production sharing contracts and related upstream agreements define the relationship between host governments and oil companies for decades. They govern exploration obligations, cost recovery, profit sharing, local content, decommissioning and dispute resolution, and they shape the economic outcome of every project.

This LLMI course explains the structure and key provisions of production sharing contracts, joint operating agreements, farm-out agreements, unitisation agreements and host government agreements. Participants learn how terms are negotiated, administered and audited, and how to manage relationships between governments, operators and partners.

Practical exercises and real-world examples help participants understand both the commercial logic and the day-to-day administration of these agreements.

Course Objectives

Explain the structure and purpose of production sharing contracts

Interpret key provisions including cost recovery and profit oil

Understand joint operating, farm-out and unitisation agreements

Administer contract obligations and reporting

Assess commercial implications of negotiated terms

Manage disputes and relationships between parties

Target Audience

Commercial and contracts professionals in upstream companies

Government and national oil company officials

Legal advisers in the energy sector

Joint venture and partner relations managers

Finance and audit staff dealing with PSCs

Business development professionals

Course Methodology

Expert presentations on contract structures

Clause-by-clause review exercises

Cost recovery and profit split calculations

Negotiation role plays

Case studies of disputes and renegotiations

Course outline

  1. 1Day 1: Upstream Petroleum Agreements
    • Petroleum licensing systems
    • Concessions, PSCs and service contracts
    • Parties and their objectives
    • Contract life cycle
    • Key legal and fiscal frameworks
    • Exercise: Comparing agreement types
  2. 2Day 2: Inside the Production Sharing Contract
    • Work programmes and commitments
    • Cost recovery and cost oil limits
    • Profit oil sharing mechanisms
    • Government participation
    • Taxes, bonuses and royalties
    • Worked example: PSC entitlement calculation
  3. 3Day 3: Joint Operating and Related Agreements
    • Joint operating agreements
    • Operating committees and voting
    • Farm-in and farm-out agreements
    • Unitisation and pre-emption
    • Accounting procedures
    • Case study: A farm-out negotiation
  4. 4Day 4: Administration and Compliance
    • Reporting obligations
    • Cost audits and disputes
    • Local content and training obligations
    • Environmental and decommissioning requirements
    • Contract amendments
    • Workshop: Administering a PSC
  5. 5Day 5: Negotiation and Dispute Resolution
    • Negotiation strategies for upstream agreements
    • Stabilisation and renegotiation
    • Arbitration and dispute resolution
    • Relationship management with governments
    • Energy transition and future agreements
    • Capstone: Negotiating PSC terms

Schedule

Dates and fees

13 upcoming dates in 7 cities. Fees are per delegate; bring colleagues and every seat is discounted.

All dates as PDF
December 2026
21DEC 21 - 25 Dec 2026Mon to Fri · 5 daysNext session
IstanbulTurkey · Classroom
£2,850per delegate2+ people: £2,280 each
Register
January 2027
18JAN 18 - 22 Jan 2027Mon to Fri · 5 days
RomeItaly · Classroom
£4,250per delegate2+ people: £3,400 each
Register
February 2027
15FEB 15 - 19 Feb 2027Mon to Fri · 5 days
Kuala LumpurMalaysia · Classroom
£2,250per delegate2+ people: £1,800 each
Register
March 2027
15MAR 15 - 19 Mar 2027Mon to Fri · 5 days
FrankfurtGermany · Classroom
£3,250per delegate2+ people: £2,600 each
Register
April 2027
19APR 19 - 23 Apr 2027Mon to Fri · 5 days
RomeItaly · Classroom
£4,250per delegate2+ people: £3,400 each
Register
May 2027
17MAY 17 - 21 May 2027Mon to Fri · 5 days
GenevaSwitzerland · Classroom
£5,250per delegate2+ people: £4,200 each
Register
June 2027
21JUN 21 - 25 Jun 2027Mon to Fri · 5 days
DubaiUnited Arab Emirates · Classroom
£5,250per delegate2+ people: £4,200 each
Register
July 2027
19JUL 19 - 23 Jul 2027Mon to Fri · 5 daysOur home city
LondonUnited Kingdom · Classroom
£4,200per delegate2+ people: £3,360 each
Register
August 2027
16AUG 16 - 20 Aug 2027Mon to Fri · 5 days
IstanbulTurkey · Classroom
£2,850per delegate2+ people: £2,280 each
Register
September 2027
20SEP 20 - 24 Sep 2027Mon to Fri · 5 days
RomeItaly · Classroom
£4,250per delegate2+ people: £3,400 each
Register
October 2027
18OCT 18 - 22 Oct 2027Mon to Fri · 5 days
Kuala LumpurMalaysia · Classroom
£2,250per delegate2+ people: £1,800 each
Register
November 2027
15NOV 15 - 19 Nov 2027Mon to Fri · 5 days
FrankfurtGermany · Classroom
£3,250per delegate2+ people: £2,600 each
Register
December 2027
20DEC 20 - 24 Dec 2027Mon to Fri · 5 days
RomeItaly · Classroom
£4,250per delegate2+ people: £3,400 each
Register

Questions

Frequently asked questions

How long is the Production Sharing Contracts and Upstream Agreements course?

The course runs over 5 days of classroom training, usually Monday to Friday.

When is the next Production Sharing Contracts and Upstream Agreements course?

The next public date is 21 - 25 Dec 2026 in Istanbul. There are 13 upcoming dates in total.

Where is this course held?

Upcoming sessions run in Istanbul, Rome, Kuala Lumpur, Frankfurt, Geneva, Dubai, London.

How much does the course cost?

Fees start from £2,250 per delegate, depending on the city. Fees include tuition and course materials.

Do participants receive a certificate?

Yes. Delegates who complete the course receive a London Leadership Management Innovation certificate of completion.

Can this course be delivered in-house for our team?

Yes. LLMI can tailor and deliver this course privately for your organisation at your premises or in one of our training cities.

Course information last updated 14 November 2026.

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