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Contract Risk Management: From Macondo to the World's Hot Zones

Returning for its 8th year, the Advanced Contract Risk Management conference brings together the leading professionals in the industry to discuss the major issues that have developed over the last year to discuss the most pressing contract issues.

PRLog - Mar. 22, 2011 - Currently, the price of Brent Crude is hovering around the $105 per barrel mark and gold is at $1420 for a troy ounce. Rioting and unrest have exploded throughout North Africa and the Middle East, and the Coalition forces' death count in Afghanistan stands at 2,259 lives lost.

This period of significant economic and political upheaval has just served to heighten the focus on contract risk management that was prompted by the Macondo blow out and subsequent oil disaster that started almost a year ago.  

Tim Haïdar from Oil & Gas IQ, recently discussed this important industry topic.
"This period of significant economic and political upheaval has just served to heighten the focus on contract risk management. The “economic loss” for insurers from the Gulf Oil Disaster has been estimated at $20-30 billion. With diminishing investment in the sector and those kind of losses fresh in the mind, it has become more essential than ever that oil and gas firms entering into contracts are optimally insulated against risk through proficient risk management and risk allocation."

"Although the public's wrath has mainly been channelled in the direction of BP, the blame and shame game has been contractually shared out by the triumvirate of BP,  Transocean and Halliburton. The "systemic" flaws and "failure of management" that were both contributory and overarching factors in the Macondo well blow-out have resulted in the implicated parties looking for damage limitation to an already dented bottom-line."

After the oil spill disaster in the Mexican gulf, other regions have been looked at which are considered as running the same or even higher risk of an oil spill catastrophe like the Macondo one. Several high-risk zones have been identified for which "contract risk management is of primary importance".

These development regions will be one of the key topics of the 8th Annual Advanced Contract Risk Management for Oil & Gas taking place in Houston, Texas 24th to 25th May 2011. The conference will provide in-depth presentations, unique analysis and will deliver critical insights into the most pressing contract issues such as:

•   Force majeure
•   Environmental & pollution liability
•   Jurisdictional issues
•   Contract indemnity clauses
•   Master service agreements
•   Joint operating agreements

For more information about speakers and the agenda, please visit: http://www.contractriskmanagement.us/pr  

Media contact: Viktoria Strandlund, +44 (0)20 7368 9300, viktoria.strandlund@iqpc.co.uk or visit http://www.contractriskmanagement.us/pr.

About IQPC
IQPC provides business executives around the world with tailored practical conferences, large scale events, topical seminars and in-house training programs, keeping them up-to-date with industry trends, technological developments and the regulatory landscape. IQPC produces more than 1,500 events annually around the world, and continues to grow. IQPC leverages a global research base of best practices to produce an unrivalled portfolio of conferences. www.iqpc.com.

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Source:IQPC Ltd.
Phone:+1 646 378 6026
Tags:Force Majeure, insolvency, termination, dispute resolution, Indemnities and warranties, risk allocation, knock for knock
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