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International Petroleum Transactions (LAWS70161)
Graduate coursework level 7Points: 12.5Not available in 2020
For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
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This subject considers the legal issues and structure of transactions relating to the exploration, production and marketing of petroleum that, owing to its economic and strategic importance, is the most important commodity traded worldwide. This subject will give students a detailed understanding of how crude oil and gas are exploited and marketed worldwide. It will cover how countries establish sovereignty over petroleum resources and how host governments or their national (state-owned) oil companies contract with private companies to explore and develop oil and gas resources. This subject also reviews and analyses key contracts among petroleum companies, and contracts between petroleum companies and petroleum-services contractors, that facilitate exploration, development and marketing of petroleum. As petroleum is one of the most politically charged commodities, this subject will also consider extra-territorial anti-corruption law and political risk. In a broader sense, this subject will help students develop better analytical skills—especially the ability to critically evaluate contracts.
Principal topics include:
- Host government contracts
- Joint bidding, confidentiality, exploration and farmout agreements
- Joint operating and unitisation agreements
- Managing and contracting to avoid corruption problems
- Managing and allocating risk in service contracts.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have an advanced and integrated understanding of the legal and commercial principles associated with petroleum transactions between host governments and petroleum companies, as well as transactions between petroleum companies and transactions between petroleum companies and various petroleum services companies, including any recent developments in law and commercial practice
- Begin to develop the ability to critically examine, analyse, interpret, and assess petroleum contracts between host governments and petroleum companies, as well as transactions between petroleum companies and transactions between petroleum companies and various petroleum services companies
- Begin to develop the ability to be an engaged participant in negotiating from various vantage points the key provisions in petroleum contracts between host governments and petroleum companies, as well as transactions between petroleum companies and transactions between petroleum companies and various petroleum services companies
- Gain an appreciation of the sophisticated nature of petroleum transactions entered into in the transnational arena
- Understand the relevance and effect of extra-territorial law, such as anti-bribery law, that can adversely affect the legality and success of an investment
- Gain an advanced understanding of the key legal issues that must be considered when contemplating a petroleum investment in a host government
- Gain an advanced understanding of the key legal issues that must be considered when drafting or vetting contracts between host governments and petroleum companies, contracts between petroleum companies, and contracts between petroleum companies and various petroleum services companies
- Gain an understanding of the most important legal provisions in the various contracts mentioned above from the vantage point of each of the parties to a particular contract: the host government, the petroleum investor, the petroleum operator, the petroleum non-operators, petroleum services sector, and the public
- Gain cognitive and technical skills to generate critical and creative ideas relating to the various petroleum transactions, including host government granting instruments, confidentiality agreements, joint study and bid agreements, farmout agreements, joint operating agreements, and petroleum drilling and services contracts
- Gain cognitive and technical skills to independently examine, research, and analyse existing and emerging legal issues relating to the upstream petroleum industry
- Gain better communication skills to clearly articulate and convey complex information regarding petroleum transactions to clients.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
Melbourne Law Masters Students: None
JD Students: Successful completion of the below subject:
Code | Name | Teaching period | Credit Points |
---|---|---|---|
LAWS50029 | Contracts | Semester 2 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Applicants without legal qualifications should note that subjects are offered in the discipline of law at an advanced graduate level. While every effort will be made to meet the needs of students trained in other fields, concessions will not be made in the general level of instruction or assessment. Most subjects assume the knowledge usually acquired in a degree in law (LLB, JD or equivalent). Applicants should note that admission to some subjects in the Melbourne Law Masters will be dependent upon the individual applicant’s educational background and professional experience.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 3 November 2022
Assessment
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
Description | Timing | Percentage |
---|---|---|
Take-home examination
| 3 - 6 July | 100% |
Hurdle requirement: A minimum of 75% attendance | Throughout the teaching period | N/A |
Last updated: 3 November 2022
Quotas apply to this subject
Dates & times
Not available in 2020
Additional delivery details
This subject has a quota of 30 students.
Enrolment is on a first come, first served basis. Waitlists are maintained for subjects that are fully subscribed.
Students should note priority of places in subjects will be given as follows:
- To currently enrolled Graduate Diploma and Masters students with a satisfactory record in their degree
- To other students enrolling on a single subject basis, eg Community Access Program (CAP) students, cross-institutional study and cross-faculty study.
Please refer to the Melbourne Law Masters website for further information about the management of subject quotas and waitlists.
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
Specialist materials will be made from Melbourne Law School prior to the pre-teaching period.
- Related Handbook entries
This subject contributes to the following:
- Links to additional information
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Additional information for this subject
If required, please contact law-admissions@unimelb.edu.au for subject coordinator approval.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 3 November 2022