Instructor: Owen L. Anderson, Eugene Kuntz Chair in Oil, Gas, & Natural Resources.
Course content and description: International Petroleum Transactions considers the legal issues and transactions relating to the exploration, production, and marketing of petroleum -- the most important commodity traded worldwide. Coverage includes how countries settle competing claims to oil and gas reserves, how host governments or state-owned oil companies contract with private companies to explore and develop oil and gas resources, and various related contracts that private companies enter into to facilitate exploration, development, and marketing of oil and gas.
Professor's goals: Crude oil is easily the most important commodity on the world market (both economically and strategically) and hence is one of the most politically charged commodities. Help students develop better analytical skills -- especially the ability to critically evaluate contracts and host government law. Help students gain a basic understanding of how crude oil and gas are exploited and marketed world wide. Help students learn about the unique aspects of acquiring exploration and development rights in a foreign country, about pursuing those rights, and the legal ramifications of how exploiting parties realizes a return on this type of foreign investment.
Prerequisites, corequisites, and sequencing: None. This course may be taken in either the second or third year without having taken the basic domestic oil and gas or oil and gas contracts and tax classes -- although students who have taken one or both of these classes may be slightly advantaged over those who have not.
Course requirements: Regular class attendance, class preparation, and participation (including thoughtful responses to questions posed) -- both when called on to recite and voluntary responses, some role playing exercises, quizzes, and a final examination.
Course materials: SMITH, DZIENKOWSKI, ANDERSON, CONINE, LOWE & KRAMER, INTERNATIONAL PETROLEUM TRANSACTIONS (3rd Edit. 2010) and class handouts.
Grading: Final exam.