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International Petroleum Transactions (LAWS70161)
Graduate coursework level 7Points: 12.5On Campus (Parkville)
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About this subject
Contact information
October
Lecturer
Professor Owen Anderson (Coordinator)
Email: law-masters@unimelb.edu.au
Phone: 13 MELB (13 6352), International: +(61 3) 9035 5511
Website: law.unimelb.edu.au
Overview
Availability(Quotas apply) | October |
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Fees | Look up fees |
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, but this subject also addresses the affect that exploitation and consumption of petroleum resources has on the climate. This subject will give students a detailed understanding of how crude oil and gas are exploited 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 risk-allocation contracts among petroleum companies, and contracts between petroleum companies and petroleum-services contractors that facilitate petroleum operations. As petroleum is one of the most politically charged commodities, this subject will consider extra-territorial anti-corruption law and political risk. This subject will address to extent to which carbon capture, utilisation, and storage can address the problem of emissions that are accelerating climate change. In a broader sense, this subject will help students develop better analytical skills—especially the ability to critically evaluate policy choices and contracts.
Principal topics include:
- Sovereignty over natural resources and extra-territorial legal issues
- Host government contracts covering exploration and exploitation of petroleum and carbon capture, utilization, and sequestration
- Host government policies to manage or avoid the resource curse
- Government policies and programs to ameliorate climate change
- Risk-allocation and services contracts amongst co-investors and between operators and services contractors
- Managing and contracting to avoid corruption risk
Intended learning outcomes
A student who has successfully completed this subject will be able to:
- evaluate the legal and regulatory framework governing international petroleum transactions and apply this understanding to assess the legal risks and challenges associated with petroleum investment,
- examine, analyse, and interpret effective strategies for negotiating and drafting petroleum-related contracts—taking into account the associated important legal and commercial provisions and principles, including recent developments in carbon capture, utilisation and storage,
- assess the role of different stakeholders in international petroleum transactions, including host governments, investors, operators,providers of petroleum services, international and non-governmental organisations, and the public,
- analyse the ethical and social responsibility implications of international petroleum transactions, including their impact on the vexing problem of providing secure, reliable, affordable, and sustainable energy supply,
- apply legal and analytical skills to address complex extra-territorial legal issues which can adversely affect the legality and success of an investment, such as boundary disputes, anti-bribery law, and dispute resolution,
- conduct independent research and analysis on emerging legal and regulatory issues in international petroleum transactions, and present findings in a clear and persuasive manner.
Last updated: 8 November 2024