First, one should appreciate to distinguish the external and internal TEFCEL multiple risks. While the recognition, analysis and management of the internal TEFCEL risks depend on the company’s strengthens and weaknesses, but such management of the external risks should also take into its account the opportunities and threatens surrounding the company’s activities. Overally, when dealing with internal and external risks, all the Company’s vision and mission should be well considered;
Secondly, all the terms of the TEFCEL elements have more or less the same impact on the project as it has been tried to be a comprehensive vision of risks in this Model, so we cannot ( or should not) divide and consider the main or more important TWFCEL elements, because all of them can significantly affect the project as the case may be;
Third, the TEFCEL experts in the oil and gas contracts should be able to answer properly the following questions:
- What are the risks embedded in the O&G contract terms and conditions?
- What are the types and categories of risks in O&G contracts?
- How to effectively draft and conclude O&G contracts?
- How to punch above your weight when
- Handing Over?
- Settling the finality?
- How to ensure contract transparency for both client/NOC and contractor/IOC?
- How to create a win-win situation on both sides of the agreement?
- How to balance between cooperation and competitiveness?
- How to secure investment protection?
- How to select the suitable types of contracts (PSC, Concession, Service Contracts, BB, IPC, BOT, Turn-key, EPC, etc) with less risk involved?
- How to manage TEFCEL risks involved in the partnership / J.V. agreements?
- What would be the role of O&G contracts in the risk mitigation?
- When managing the O&G contract risks, what key clauses should be considered?
- What are the best ways and means to improve the lines of communication between TEFCEL management teams of the project?
- How to manage the O&G contract risks via contractual mechanisms, e.g. JMC, management coordination, approval system, audit, etc)?
- How to precisely determine rights and obligations of client/NOC and contractor/IOC?
- How to avoid unilateral/common/mutual contractual mistakes?
- How to secure and protect major stakeholders perspectives in the O&G contract?
- How to overcome different national requirements when managing the O&G contract risks?
- How to establish the balancing power between risks and rewards in O&G contracts?