Production Sharing Contracts and Upstream Agreements (OG-030) Training Course

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 or online

13Upcoming dates

7Cities

£2,250Fees from

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

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
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
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
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
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. Every date can also be joined live online for £1,280.

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

January 2027

18JAN 18 - 22 Jan 2027Mon to Fri · 5 days

RomeItaly · Classroom

£4,250per delegate2+ people: £3,400 each

February 2027

15FEB 15 - 19 Feb 2027Mon to Fri · 5 days

Kuala LumpurMalaysia · Classroom

£2,250per delegate2+ people: £1,800 each

March 2027

15MAR 15 - 19 Mar 2027Mon to Fri · 5 days

FrankfurtGermany · Classroom

£3,250per delegate2+ people: £2,600 each

April 2027

19APR 19 - 23 Apr 2027Mon to Fri · 5 days

RomeItaly · Classroom

£4,250per delegate2+ people: £3,400 each

May 2027

17MAY 17 - 21 May 2027Mon to Fri · 5 days

GenevaSwitzerland · Classroom

£5,250per delegate2+ people: £4,200 each

June 2027

21JUN 21 - 25 Jun 2027Mon to Fri · 5 days

DubaiUnited Arab Emirates · Classroom

£5,250per delegate2+ people: £4,200 each

July 2027

19JUL 19 - 23 Jul 2027Mon to Fri · 5 daysOur home city

LondonUnited Kingdom · Classroom

£2,750per delegate2+ people: £2,200 each

August 2027

16AUG 16 - 20 Aug 2027Mon to Fri · 5 days

IstanbulTurkey · Classroom

£2,850per delegate2+ people: £2,280 each

September 2027

20SEP 20 - 24 Sep 2027Mon to Fri · 5 days

RomeItaly · Classroom

£4,250per delegate2+ people: £3,400 each

October 2027

18OCT 18 - 22 Oct 2027Mon to Fri · 5 days

Kuala LumpurMalaysia · Classroom

£2,250per delegate2+ people: £1,800 each

November 2027

15NOV 15 - 19 Nov 2027Mon to Fri · 5 days

FrankfurtGermany · Classroom

£3,250per delegate2+ people: £2,600 each

December 2027

20DEC 20 - 24 Dec 2027Mon to Fri · 5 days

RomeItaly · Classroom

£4,250per delegate2+ people: £3,400 each

Live online, on the same dates

Join the class in real time from your office or home: live sessions with the trainer, group discussion, course materials and a certificate of completion. Joining details are emailed before the course starts.

December 2026

21DEC 21 - 25 Dec 2026Mon to Fri · 5 daysNext session

Live onlineVirtual classroom · join from anywhere