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Perception of contractual risk allocation in the oil and gas contracts in Malaysia

Oil and gas projects are risky undertakings, which may cause severe damages to property and the environment, not to mention, personal injury and death to personnel. Contractual provision such as an indemnity and mutual hold harmless clause is used as a tool in allocating the risks. However, as a co...

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Main Author: Wan Zahari, Wan Mohd Zulhafiz
Format: Article
Language:English
English
Published: Inderscience Enterprises Ltd. 2018
Subjects:
K Law (General)
KPG Malaysia
TP315 Fuel
Online Access:http://irep.iium.edu.my/64481/1/64481_Perception%20of%20contractual%20risk.pdf
http://irep.iium.edu.my/64481/2/64481_Perception%20of%20contractual%20risk_SCOPUS.pdf
http://irep.iium.edu.my/64481/
https://www.inderscienceonline.com/doi/abs/10.1504/IJTGM.2018.092483
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spelling my.iium.irep.64481 http://irep.iium.edu.my/64481/ Perception of contractual risk allocation in the oil and gas contracts in Malaysia Wan Zahari, Wan Mohd Zulhafiz K Law (General) KPG Malaysia TP315 Fuel Oil and gas projects are risky undertakings, which may cause severe damages to property and the environment, not to mention, personal injury and death to personnel. Contractual provision such as an indemnity and mutual hold harmless clause is used as a tool in allocating the risks. However, as a consequence of the private and government litigation arising from the Macondo oil spill in the Gulf of Mexico in 2010, evidence suggests that operators generally are seeking to modify the established approach to liability allocation through individual contract negotiations with contractors. This scenario has significant and potentially adverse financial implications for the contractors and for the long-term sustainability of the industry. An empirical study was conducted to investigate the issues and problems with regard to contractual risk allocation in oilfield service contracts in Malaysia. The methodology employed in this paper will essentially be a combination of literature review and qualitative study. Inderscience Enterprises Ltd. 2018-06-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/64481/1/64481_Perception%20of%20contractual%20risk.pdf application/pdf en http://irep.iium.edu.my/64481/2/64481_Perception%20of%20contractual%20risk_SCOPUS.pdf Wan Zahari, Wan Mohd Zulhafiz (2018) Perception of contractual risk allocation in the oil and gas contracts in Malaysia. International Journal of Trade and Global Markets, 11 (1-2). pp. 127-137. ISSN 1742-7541 https://www.inderscienceonline.com/doi/abs/10.1504/IJTGM.2018.092483 10.1504/IJTGM.2018.092483
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic K Law (General)
KPG Malaysia
TP315 Fuel
spellingShingle K Law (General)
KPG Malaysia
TP315 Fuel
Wan Zahari, Wan Mohd Zulhafiz
Perception of contractual risk allocation in the oil and gas contracts in Malaysia
description Oil and gas projects are risky undertakings, which may cause severe damages to property and the environment, not to mention, personal injury and death to personnel. Contractual provision such as an indemnity and mutual hold harmless clause is used as a tool in allocating the risks. However, as a consequence of the private and government litigation arising from the Macondo oil spill in the Gulf of Mexico in 2010, evidence suggests that operators generally are seeking to modify the established approach to liability allocation through individual contract negotiations with contractors. This scenario has significant and potentially adverse financial implications for the contractors and for the long-term sustainability of the industry. An empirical study was conducted to investigate the issues and problems with regard to contractual risk allocation in oilfield service contracts in Malaysia. The methodology employed in this paper will essentially be a combination of literature review and qualitative study.
format Article
author Wan Zahari, Wan Mohd Zulhafiz
author_facet Wan Zahari, Wan Mohd Zulhafiz
author_sort Wan Zahari, Wan Mohd Zulhafiz
title Perception of contractual risk allocation in the oil and gas contracts in Malaysia
title_short Perception of contractual risk allocation in the oil and gas contracts in Malaysia
title_full Perception of contractual risk allocation in the oil and gas contracts in Malaysia
title_fullStr Perception of contractual risk allocation in the oil and gas contracts in Malaysia
title_full_unstemmed Perception of contractual risk allocation in the oil and gas contracts in Malaysia
title_sort perception of contractual risk allocation in the oil and gas contracts in malaysia
publisher Inderscience Enterprises Ltd.
publishDate 2018
url http://irep.iium.edu.my/64481/1/64481_Perception%20of%20contractual%20risk.pdf
http://irep.iium.edu.my/64481/2/64481_Perception%20of%20contractual%20risk_SCOPUS.pdf
http://irep.iium.edu.my/64481/
https://www.inderscienceonline.com/doi/abs/10.1504/IJTGM.2018.092483
_version_ 1643617251385933824
score 13.211869

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