Poor negotiation practice and undesirable behaviours by legal and commercial practitioners are often cited as a barrier to timely conclusion of agreements between parties. While there are many areas to consider, there are several basic elements that will support a timely and successful negotiation process.
Recognising that each negotiation may have unique elements, this guidance suggests a generic best practice for a negotiation and highlights some of the expected positive industry behaviours required to ensure a timely and successful negotiation process consistent with the recently updated Commercial Code of Practice (CCOP). This guidance should therefore be read in conjunction with the CCOP.
The scope of agreements covered by this guidance is intended to be the traditional suite of upstream agreements and is not intended to cover, for example, corporate acquisitions nor conflict with the established infrastructure processes.
This voluntary best practice guidance has been developed by a cross section of industry legal and commercial practitioners and is supported by the Oil and Gas Authority (OGA).