ADMINISTRATIVE NOTE: CLASS BEGINS ON MARCH 4 AND ENDS ON APRIL 28. Short course to be held during second-half of semester; however, registration must be finalized prior to 12th day of the spring semester, January 29. No classes can be added or dropped (for refund) after January 29.
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 and hence the most politically charged. Coverage includes how countries establish and allocate sovereignty over petroleum, 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, how companies contract with each other to share risk, how companies contract with drilling contractors and service providers; how petroleum is marketed; and how disputes are resolved.
Professor's goals: 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, co-requisites, and sequencing: None—although students who have taken other oil and gas 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.
Text: SMITH, DZIENKOWSKI, ANDERSON, ET AL. INTERNATIONAL PETROLEUM TRANSACTIONS (3rd Edit. 2010) and class handouts.
Primary teaching methods: A variety of methods, depending on the topic.
Grading: A student’s grade will based upon a take-home exam distributed on May 6th and due 24 hours later.