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/
Media contact: Viktoria Strandlund, +44 (0)20 7368 9300, viktoria.strandlund@
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