BOOK REVIEW - The Application of Contracts in Developing Offshore Oil and Gas Projects
The Application of Contracts in Developing Offshore Oil and Gas Projects by Philip Loots and Dr Donald Charrett. Published by Routledge (2019). Pages 362. Paperback. £140.00. ISBN 978-0-367-13552-2.
Historical records show that, in China, oil wells have existed since at least as early 347 CE. The Industrial Revolution, made possible by petroleum based energy sources, led a mass increase in production. Further developments in the late 19th and 20th centuries resulted in the production of a range of new synthetic materials, from which plastic emerged as a staple of our daily lives. Rising global living standards have led to unprecedented demand for consumer goods in the global marketplace, many of which rely on oil and gas at one or more stages of production. This demand has been met by new technologies which have allowed the oil and gas industry to expand into unique opportunities on an ever-increasing size and scale.
However, as the scope of the oil and gas industry has expanded, so too has the number of considerations that must be balanced at the commencement of the project. This requires practitioners to be mindful of both commercial and environmental factors as well as domestic and international regulations. Further, the scale and upfront costs of these projects often necessitate their operation as a joint venture, with the involvement of a wide range of direct, indirect and external participants. While practitioners often resort to their own internal procedures, comprehensive and in-depth analysis in oil and gas contracting can be hard to find.
In The Application of Contracts in Developing Offshore Oil and Gas Projects , Philip Loots and Dr Donald Charrett provide a clear and succinct practical tool for practitioners and scholars alike, weaving considerations of contract, the oil and gas industry and case study analysis. As with their previous collaborative work, the 2009 book A Practical Guide to Engineering and Construction Contracts , the authors combine a wealth of practical legal and engineering insight to provide a comprehensive chronological guide to the oil and gas industry.
The book remains accessible for those new to the industry whilst retaining a depth of analysis which offers fresh ideas to seasoned practitioners. Those new to the field will enjoy the clarification of key areas and terms (Chapter 1) as well as the recognition of important participants (Chapter 2). Usefully, the book provides an industry background (Appendix A) together with an overview of the most important standard form contracts (Appendix C). The comprehensive nature of the work provides step-by-step guidance through the construction and legal process. Seasoned practitioners will enjoy these refreshingly concise and clear summaries and discussion of the challenges faced by the field, together with the potential solutions offered by these two great minds.
Pt 4] Book Review
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