Best practice as defined in Libya’s oil contracts

In case you were worried about best practice being followed in the oil industry around the world, we’ve been reviewing Libya’s contracts for some research and came across this, embedded in the main EPSA IV agreements between the Libyan state and all the major oil companies of the world.

1.33 Good Oilfield Practices means those practices, methods, standards and procedures generally accepted and followed by prudent, diligent, skilled and experienced operators in petroleum exploration, development and production operations and which, at the particular time in question, in the exercise of reasonable judgment and in the light of facts then known at the time a decision was made, would be expected to accomplish the desired results and goals”

So that’s alright, then.

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