CONTRACTUAL MECHANISMS FOR FLEXIBILITY IN DAY RATE DRILLING CONTRACTS | ||
| مطالعات حقوق انرژی | ||
| Article 8, Volume 5, Issue 1, April 2019, Pages 115-129 PDF (208.67 K) | ||
| Document Type: ISI | ||
| DOI: 10.22059/jrels.2019.258303.208 | ||
| Authors | ||
| farideh shabani* 1; Fareed Shabani Jahromi2 | ||
| 1university of Tehran | ||
| 2Ph.D. Student in Oil and Gas Law at Farabi College, University of Tehran | ||
| Abstract | ||
| Flexibility in long-term contracts of energy sector has importance, which can guarantee their proper contractual performance. Drilling contracts as secondary upstream contracts are being influenced by oil price fluctuation. This matter not only affects contractual balance but also is in contrast with underlying mutual agreement regarding applying of rates equal to market rates. Therefore, proper contractual mechanisms shall be incorporated in contracts to make possible the adjustment and modification of contractual rates in accordance with market conditions. Determining a suitable index for adopting rates and setting dimension for modification of rates can provide required flexibility in these contracts. In addition to using renegotiation as an independent clause, it can be used as a supplementary clause to manage the inefficiency of using adaptation clause. However, this article aims to examine day rate drilling contracts and proper mechanism for modification of them. | ||
| Keywords | ||
| Drilling; Day Rate Contract; Flexibility; Adaptation Clause; Renegotiation | ||
| References | ||
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