Drilling and Service Contracts in Offshore Oil and Gas Operations

1973 ◽  
Vol 11 (3) ◽  
pp. 480
Author(s):  
J. M. Killey
Keyword(s):  
Oil And Gas ◽  
Oil Industry ◽  
Offshore Drilling ◽  
Oil Companies ◽  
Drilling Rig ◽  
Service Contracts ◽  
Oil And Gas Operations ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Offshore Operations

As onshore oil and gas deposits are becoming more difficult to locate, and as the world demands for energy continue to increase at an alarming rate, oil companies are channeling much of their exploration activities towards offshore operations, and in particular, towards operations centered off Canada's coast lines. Because of the environment, offshore drilling presents problems which are novel to the onshore-geared oil industry. J. M. Killey discusses in detail many of the considerations involved in drafting the offshore drilling contract, concentrating on problems such as the liability of the various parties; costs; scheduling; pollution; conflict of laws; etc. Similarly, he discusses service contracts (such as supply boat charters; towing services; helicopter services; etc.^ which are necessity to the operation of an offshore drilling rig. To complement his paper, the author has included number of appendices which list the various considerations lawyer must keep in mind when drafting contracts for offshore operations.

The Development of the Hibernia Offshore Field: Panacea for a Depressed Regional Economy?

1994 ◽  
Vol 12 (4) ◽  
pp. 265-293 ◽  
Author(s):  
L. Wade Locke ◽  
James P. Feehan
Keyword(s):  
Oil And Gas ◽  
East Coast ◽  
Oil Industry ◽  
Gas Field ◽  
Grand Banks ◽  
Oil Companies ◽  
Oil And Gas Field ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Offshore Field

The development of the Hibernia offshore oil and gas field is one of the largest ventures undertaken by the oil industry in Canada. It is also the first field to be developed on Canada's Grand Banks. Located in waters adjacent to the east coast of Canada's least developed, its discovery led to hope of prosperity for Newfoundland. The project offers the prospects of employment royalties and development of other offshore fields. With these prospects in mind, federal and provincial governments have provided substantial inducements to a consortium of oil companies to ensure that it would develop the field. This paper reviews Hibernia's controversial past and assesses the extent to which it may serve as a catalyst for economic recovery in Newfoundland.

US offshore oil industry will take years to recover

2016 ◽  
Keyword(s):  
Gulf Of Mexico ◽  
Oil And Gas ◽  
Oil Industry ◽  
The State ◽  
Offshore Drilling ◽  
Content Type ◽  
State Budgets ◽  
Offshore Oil And Gas ◽  
Offshore Oil Industry ◽  
Offshore Oil

Significance Rising output from the Gulf of Mexico, which accounts for about 16% of total US production, will help offset some of the falling output from onshore shale projects, although overall production is still declining following the collapse in prices. Impacts The downturn in new offshore oil and gas activity will hit the state budgets of Alabama, Louisiana and Texas. Offshore drilling services specialists will see revenues fall, as companies cut back drilling and push for reduced rates. In the event of a sustained price recovery, US production will primarily be driven by renewed shale drilling, not offshore.

scholarly journals Offshore Oil and Gas Safety: Protection against Explosions

2021 ◽  
Vol 9 (3) ◽  
pp. 331 ◽  
Author(s):  
Dejan Brkić ◽  
Zoran Stajić
Keyword(s):  
Oil And Gas ◽  
Coast Guard ◽  
International Electrotechnical Commission ◽  
Offshore Drilling ◽  
The Us ◽  
Oil And Gas Operations ◽  
Additional Costs ◽  
Us Coast Guard ◽  
Offshore Oil And Gas ◽  
Offshore Oil

Offshore oil and gas operations carry a high risk of explosions, which can be efficiently prevented in many cases. The two most used approaches for prevention are: (1) the “International Electrotechnical Commission System for Certification to Standards Relating to Equipment for Use in Explosive Atmospheres” (IECEx) and (2) European “Atmosphere Explosible” (ATEX) schemes. The main shortcoming for the IECEx scheme is in the fact that it does not cover nonelectrical equipment, while for the ATEX scheme, it is due to the allowed self-certification for a certain category of equipment in areas with a low probability of explosions, as well as the fact that it explicitly excludes mobile offshore drilling units from its scope. An advantage of the IECEx scheme is that it is prescribed by the US Coast Guard for protection against explosions on foreign mobile offshore drilling units, which intend to work on the US continental shelf but have never operated there before, with an additional requirement that the certificates should be obtained through a US-based Certified Body (ExCB). Therefore, to avoid bureaucratic obstacles and to be allowed to operate with minimized additional costs both in the US and the EU/EEA’s offshore jurisdictions (and very possibly worldwide), all mobile offshore drilling units should be certified preferably as required by the US Coast Guard.

scholarly journals Implementation of the Contingency Plan On Offshore Units Including Mobile Offshore Drilling Units

2016 ◽  
Vol 23 (1) ◽  
pp. 235-250
Author(s):  
Alicja Mrozowska
Keyword(s):  
Emergency Response ◽  
Oil And Gas ◽  
Practical Application ◽  
Offshore Drilling ◽  
Contingency Plan ◽  
Emergency Response Plan ◽  
Oil And Gas Operations ◽  
Response Plan ◽  
Offshore Oil And Gas ◽  
Offshore Oil

Abstract The article discusses practical application of the contingency plan (called also the emergency response plan) to the risks that may occur on an offshore unit. The author, based on her own professional experience, discusses the plan and illustrates its use in practice based on selected elements of the plan for mobile offshore drilling units engaged in the exploration of resources beneath the seabed. The paper discusses the requirements of Directive 2013/30/EU, which is includes obligation to implement the contingency plan relating to offshore units, in order to prevent accidents resulting from offshore oil and gas operations.

scholarly journals A New Pricing Model for Crude Oil Pre-Sale Units via SPFO (Standard Parallel Forward with Options) in Iran

2018 ◽  
Vol 7 (1) ◽  
pp. 32
Author(s):  
Ghasem Nikjou ◽  
Hamed Najafi ◽  
Kamran Salmani
Keyword(s):  
Oil And Gas ◽  
Development Program ◽  
Oil Industry ◽  
Pricing Model ◽  
Forward Security ◽  
Option Pricing Model ◽  
Oil And Gas Resources ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Legal Barriers

Nowadays energy has an important role as a driving sector of economy. Forecasting 150 billion dollars investment in energy sector during the fifth development program in Iran, the banking and financial system require a dynamic and modern economy and financial instruments. Obviously, this approach needs to remove legal barriers and modification of contracts. Financing in the oil industry has faced with serious challenges in recent years. In addition, investing in common offshore oil and gas resources is indispensable. Accordingly we are going to design a new contract which is called Oil SPFO (Standard Parallel Forward security with two Options under betting condition), in order to raise funds needed. In this article we would investigate the SPFO for Iran Ministry of Petroleum (MOP)’s finance and present a model for pricing the oil SPFO based on Black and Scholes option pricing model. Finally, we have some recommendations to develop the oil SPFO and suggest that other researchers work on pricing the oil parallel forward securities according to this model.

Arctic Europe Between National Interests and Arctic Governance

2019 ◽  
pp. 117-131
Author(s):  
Igor Kochev ◽  
Wim Heijman
Keyword(s):  
Marine Mammals ◽  
Oil And Gas ◽  
Point Of View ◽  
The Arctic ◽  
National Interests ◽  
Economic Point ◽  
Oil And Gas Operations ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
The Eu

From an economic point of view, melting ice is making the Arctic ocean increasingly important for a number of countries – Arctic states as well as non-Arctic states. Also, the EU has clear interests in the area. This chapter provides a brief description of those interests and its implications on the EU's relationship with the Arctic partners. This note takes seven aspects of the EU-relations with the Arctic states into consideration (i.e., the institutional framework, the EU Arctic interests and policies, shipping, fishing, marine mammals, offshore oil and gas operations, and the EU's Arctic partners).

The Adaptation of Rural Residents to the Offshore Oil and Gas (Exploration Phase) Labour Force, Newfoundland and Labrador, 1981

1983 ◽  
Vol 2 (S1) ◽  
pp. 133-139
Author(s):  
Richard Fuchs
Keyword(s):  
Newfoundland And Labrador ◽  
Oil And Gas ◽  
Labour Force ◽  
Oil Industry ◽  
Rural Residents ◽  
Oil And Gas Exploration ◽  
Number Of Factors ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Exploration Phase

In response to interest and concerns about the effect which oil industry development would have in the province of Newfoundland, a number of studies were initiated, including attempts to assess the impacts on rural residents. An analysis of the offshore labour force indicated that Newfoundland residents represented 60% of the offshore force; however, their participation was predominantly in the junior drilling, junior marine and junior service positions. The provincial workers differed from the non-resident workers on a number of factors. Also of interest, the 35% of the Newfoundland workers interviewed had come from water transport occupations and were attracted by the perceived advantages of work in the oil industry, while the 34% who had come from the fishing industry, cited financial insecurity and poor working conditions of the fishery as their reasons for changing jobs.

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