Analyses and critiques the key regulatory and commercial dimensions of the oil and gas industryIn recent years, a great deal has changed in the oil and gas industry, from legal and regulatory change to falling oil prices. The contemporary oil and gas industry is now intensely focussed on cost-saving and the UK has radical redrawn its revenue-raising expectations.This updated third edition has been published in two volumes: this volume focuses on commercial and contract law issues, while the other deals with resource management and regulatory law. The twin volumes bring together academic and practising lawyers, mainly based in Aberdeen, Europe's Energy Capital, to consider the key regulatory and commercial dimensions of an ever-changing hydrocarbon province.New for this editionSignificantly revised to take account of new case law relevant to default provisions and contractual interpretationA significantly expanded treatment of upstream commercial issues, including new chapters on the LOGIC contracts and Drilling contractsAdditional midstream and downstream content, including new chapters by industry experts on transportation and oil sales agreementsContributorsJudith Aldersey-Williams, Partner, CMS, Nabarro and Olswang, Aberdeen.James Cowie, Trainee Solicitor, Jones Day, Aberdeen.Greg Gordon, Senior Lecturer in Law, University of Aberdeen.Luke Havemann, Senior Associate, Bowmans Oil & Gas Team in Cape Town, South Africa.Tina Hunter, Professor of Law, University of Aberdeen.Alexander Kemp, Schlumberger Professor of Petroleum Economics, University of Aberdeen.Steven Latta, Assistant Head of Transnational Education, Glasgow Caledonian University.John Paterson, Professor of Law and Vice Principal for Internationalisation, University of Aberdeen.Claire Ralph, Head of Tax, Falklands Island Government; formerly Oil and Gas UK and HM Treasury.Uisdean Vass, Senior Counsel, Womble Bond Dickinson, Aberdeen.Emre Uenmez, Lecturer in Law, University of Aberdeen.Constantinos Yiallourides, Teaching Fellow, University of Aberdeen.