Petroleum contracts : English law and practice

List of Abbreviations . . xvii
Table of Cases . . xix
Table of Statutory Provisions . . xxxix

1. English Law and Practice . . 1
A. Introduction . . 1.01
B. The Basis of English Law . . 1.03
C. Common Law and Equity . . 1.32
D. Common Law and Civil Law . . 1.40
E. Contract and Tort . . 1.43
F. The English Law of Contract . . 1.47
G. Freedom of Contract and Binding Contract . . 1.86
H. Companies and Contracts . . 1.109
I. Debt and Damages . . 1.114
J. The Meaning of Indemnity . . 1.120

2. Petroleum Contracts . . 34
A. Introduction . . 2.01
B. The Petroleum Sector . . 2.03
C. Upstream Contracts . . 2.14
D. Midstream Contracts . . 2.37
E. Downstream Contracts . . 2.45
F. General Contracts . . 2.57

3. Preliminary Contracts . . 50
A. Introduction . . 3.01
B. Preliminary Contracts . . 3.06
C. The Obligation for Further Negotiation . . 3.23
D. Independent Contracts . . 3.66
E. Option Contracts . . 3.85

4. Conditional Contracts . . 69
A. Introduction . . 4.01
B. Defining Conditions under English Law . . 4.03
C. How Conditions Precedent Work . . 4.18
D. Conditionality in Petroleum Contracts . . 4.48

5. Joint Ventures . . 83
A. Introduction . . 5.01
B. Joint Venture Definition and Rationale . . 5.06
C. Incorporated and Unincorporated Joint Ventures . . 5.33
D. Partnerships . . 5.63
E. Joint Operating Agreements . . 5.80
F. Partnerships and Joint Operating Agreements Contrasted . . 5.112

6. Third Parties and Security Interests . . 112
A. Introduction . . 6.01
B. Vicarious Performance . . 6.08
C. Third Parties and Privity of Contract . . 6.20
D. Agency and Attorneys . . 6.37
E. Security Interests . . 6.71

7. Equitable Rights and Remedies . . 132
A. Introduction . . 7.01
B. The Role of Equity . . 7.06
C. Trusts . . 7.22
D. Fiduciary Duties . . 7.42
E. Specific Enforcement . . 7.98
F. Other Equitable Remedies . . 7.128

8. Contracts for Sale and Supply . . 161
A. Introduction . . 8.01
B. Commingled Petroleum . . 8.09
C. The Sale of Goods Act 1979 . . 8.23
D. Transfers of Title, Risk, and Custody . . 8.54
E. Implied Terms . . 8.74
F. Take or Pay . . 8.95
G. Retention of Title . . 8.132
H. Contracts of Bailment . . 8.149

9. Collateral Support . . 191
A. Introduction . . 9.01
B. Guarantees . . 9.07
C. Demand Guarantees . . 9.77
D. Documentary Credits . . 9.90
E. Letters of Comfort . . 9.104
F. Decommissioning Security . . 9.132
G. Practical Aspects of Collateral Support . . 9.140

10. Impossibility and Impracticability of Performance . . 226
A. Introduction . . 10.01
B. Absolute Contracts . . 10.08
C. The Doctrine of Frustration . . 10.19
D. The Doctrine of Force Majeure . . 10.54
E. Force Majeure and Frustration Reconciled . . 10.122
F. Hardship and Material Adverse Change . . 10.129
G. Impossibility and Impracticability in Petroleum Contracts . . 10.153

11. Damages for Breach of Contract . . 260
A. Introduction . . 11.01
B. The Basis of Damages . . 11.06
C. Assessing Damages under English Law . . 11.18
D. Assessing Damages in Detail . . 11.53
E. Restitutionary Remedies . . 11.78
F. Liquidated Damages and Penalties . . 11.85
G. Particular Damages Issues . . 11.118

12. Termination . . 292
A. Introduction . . 12.01
B. Discharge by Performance . . 12.04
C. Termination by Agreement . . 12.16
D. Discharge by Breach . . 12.26
E. Contractual Termination . . 12.56
F. Discharge by Operation of Law . . 12.85
G. Consequences of Termination . . 12.104
H. Termination in Petroleum Contracts . . 12.118

13. Liability Allocation . . 322
A. Introduction . . 13.01
B. Theories of Loss and Liability . . 13.06
C. Concurrent Liability in Contract and Tort . . 13.33
D. Consequential Loss . . 13.44
E. Liability Caps . . 13.58
F. Exclusion Clauses . . 13.64
G. Wilful Misconduct and Gross Negligence . . 13.90
H. Insurance . . 13.104
I. Operator Liability . . 13.118
J. Other Recoveries . . 13.133

14. Transfers of Interests . . 351
A. Introduction . . 14.01
B. Transfers of Contractual Rights by Law . . 14.05
C. Transfers of Contractual Obligations . . 14.22
D. Transfers of Interests Regulated by Contract . . 14.35
E. Financing Transfers . . 14.53
F. Pre-emption Rights . . 14.57
G. Change of Control . . 14.103
H. Farm Outs and Earn Outs . . 14.111

15. Law and Disputes . . 379
A. Introduction . . 15.01
B. Governing Law and Jurisdiction . . 15.08
C. Options for Dispute Resolution . . 15.29
D. Dispute Resolution Mechanisms . . 15.50
E. Public International Law Remedies . . 15.81
F. Sovereign Immunity . . 15.89
G. Industry Custom and Practice . . 15.97
H. Price Reviews . . 15.104

16. Miscellaneous . . 405
A. Introduction . . 16.01
B. Amendment . . 16.03
C. Confidentiality . . 16.09
D. Entire Agreement . . 16.27
E. Joint and Several Liability . . 16.38
F. Lock-out and Lock-in . . 16.49
G. Reasonable and Best Endeavours . . 16.54
H. Set-off . . 16.78
I. Severability . . 16.87
J. Time of the Essence . . 16.99
K. Warranties and Representations . . 16.115

Index . . 437