Sale and purchase agreements relating to oil and gas assets are highly specialised, reflecting the unique nature and characteristics of the industry itself. This book, written by experienced and well-known practitioners from within the oil and gas industry will provide a practical review of the provisions typically included in such agreements. It aims to benefit lawyers and commercial negotiators working in the industry who handle sale and purchase transactions and who want to better understand the usual terms and conditions involved in those transactions

This new edition, written by experienced and well-known practitioners from within the oil and gas industry, is intended to provide a practical review of the provisions typically included in oil and gas sale and purchase agreements.

A compendium commentary resource, covering the law of upsteam, midstream, and downstream petroleum contracts. The book proceeds through the law and practical matters surrounding upstream and joint bidding operations, through procurement and management, to storage processing and infrastructure access. Oil sales contracts and gas sales contracts are dealt with distinctly, as well as liquefied natural gas contracts. Shipping, transportation and pipeline commentary proceeds the final chapters on sale and purchase, decommissioning, and security

The handshake deal was once common in the oil and gas industry. Buyers and sellers of oil and gas properties worked out the terms of their transactions and were bound by their word. But the handshake deal has all but gone away; and most deals are now consummated in a purchase and sale agreement, replete with a multitude of provisions, caveats, and boilerplate language. And although the warranty section of the purchase and sale agreement is an important part of the transaction, many parties remain unaware of the terms of the warranties provided or disclaimed in their agreements. However, a knowledgeable practitioner can protect himself and his client, whether as a purchaser or a seller. This article discusses common warranties in purchase and sale agreement regarding oil and gas properties (“PSA”) and suggests considerations in the negotiations between purchasers and sellers about warranties to provide or disclaim. It is not, nor is it intended to be comprehensive of all issues. It is limited to common warranties and disclaimers that apply to the purchase and sale of onshore oil and gas properties in Texas. It does not discuss warranties and representations in oil and gas leases. The article begins by focusing on the nature and classes of PSA warranties in Section II. It then covers common warranties in PSAs for the sale of oil and gas real properties in Section III. Section IV discusses express and implied warranties in PSAs for the sale of personalty. Section V discusses the difference between warranties and representations. Section VI covers negotiation of PSAs between sellers and purchasers. And Section VII offers the authors' thoughts and conclusions. Finally, Appendix A includes examples of warranty language, while Appendix B provides a list of common representations and warranties included in PSAs.