Introduction

The University of Aberdeen is following Scottish Government Guidelines in relation to the Covid-19 pandemic. This includes adhering to physical distancing measures to support a safe environment for our staff and students. Therefore for programmes with a January 2021 start date the programme structure and delivery method may differ slightly from that listed on this page. Find out more about January 2021 study with us .

This unique Masters programme combines the core disciplines of Economics and Law to equip you with the essential skills required to pursue a successful career either in the global oil and gas industry or in related governmental organisations.

Study Information

Study Options

Learning Mode
On Campus Learning
Degree Qualification
LLM or MSc
Duration
12 months or 24 months
Study Mode
Full Time or Part Time
Start Month
January or September
Location of Study
Aberdeen
Subject marketing image

The global oil and gas sector operates in a complex environment characterised by various influential factors such as government-controlled hydrocarbons, financial markets, the global crude oil market, economic uncertainty, licensing, taxation and contracts. These factors have a significant influence on both investment decision-making and government policy-making, so a comprehensive knowledge of related economics and law is essential. On this course, you will gain the real-world knowledge you need to enhance your career opportunities in legal and financial oil and gas contexts.

The University of Aberdeen is a global leader in teaching and research in the field of energy and this programme builds on our considerable strengths in these areas. Our University is home to two relevant and internationally recognised research centres: the Aberdeen Centre for Research in Energy Economics and Finance and the Aberdeen University Centre for Energy Law. Studying here, you will benefit from interacting with leading researchers in the field of energy economics and law – including one of the world’s best recognised energy experts, Professor Alex Kemp OBE – and with a broad network of national and multi-national employers through our visiting speaker programme.

Available Programmes of Study

Students will have the opportunity to explore a range of themes to broaden their knowledge and sharpen their critical analysis of current global debates and challenges, these include:

· Licensing and upstream taxation

· Investment appraisal techniques and risk analysis

· Health, safety and environmental regulation

· Crude oil market, determinants of oil supply and demand

· Principles of accounting

· Principals and features of oil and gas contracts

Taught courses are the same on both the MSc and LLM programmes and are delivered with an interdisciplinary approach. Prospective students with a background in finance or business may feel that the MSc is a better fit for their experience as they will undertake a 60-credit business dissertation in the Business School on a business (i.e. economics, finance, etc.) related topic. Applicants with some professional legal experience or previous study in law may wish to choose the LLM degree option which concludes with a 60-credit dissertation on a legal topic under the Law School.

Law and Economics of Oil and Gas

Qualification Duration Learning Mode Study Mode Start Month Location  
LLM 12 months or 24 months On Campus Learning Full Time or Part Time September Aberdeen View

Programme Information

Semester 1

Semester 1

Compulsory Courses
Critical Legal Thinking and Scholarship (LS501T)

This compulsory course provides students from diverse legal and educational backgrounds with a common understanding of the core research, analytical, and writing skills which would be required to excel in LLM-Taught courses. It commences with a few lectures and progresses to working in a workshop environment and finally to the submission of an individual assignment. It also incorporates elements such as library workshops to provide students with hands-on experience with the resources available for course and dissertation work.

View detailed information about this course
State Control of Hydrocarbons (LS501E)

30 Credit Points

With only limited exceptions hydrocarbons lie in the ownership or control of states, but are frequently explored for and produced by commercial actors. This course considers the means by which the state controls exploitation of its oil and gas reserves. Following a number of introductory lectures, students will participate in interactive seminars considering topics such as: energy security; licensing; upstream taxation; health, safety and environmental regulation; and international maritime boundaries and joint development. This course is available to students registering for the LLM Oil and Gas Law programmes (Dissertation or Professional Skills).

View detailed information about this course
Corporate Finance and Accounting for Energy (BU5074)

15 Credit Points

This course ensure students understand why companies behave the way they do with respect to financing choices and how this interacts with financial markets, with particular reference to the petroleum and energy industries. The course covers Investment Appraisal Techniques Employed in Petroleum Industry, Risk Analysis, Portfolio Theory and the Capital Asset Pricing Model (CAPM)

View detailed information about this course
Energy and Petroleum Economics (BU5073)

15 Credit Points

This course discusses the world petroleum market in the context of overall energy markets. The main features of the evolving petroleum market are analysed including examination of the Hotelling model and Hubbert curve. Oil price determination is discussed with detailed consideration of the special characteristics of the demand and supply curves in the industry. The role of OPEC in the market is examined, including discussion of the various models of OPEC behaviour and the determinants of its market power. The economics of climate change and the place of renewable energy in the wider energy market is discussed.

View detailed information about this course
Semester 2

Semester 2

Compulsory Courses
Real Options and Decision Making (BU5556)

15 Credit Points

The goal of this course is to deepen and broaden students' understanding and develop their analytical skills regarding investment decisions under uncertainty and the value of flexibility and information. The course will introduce relevant concepts from economics and finance such as decision trees, the Black-Scholes equation and the binomial option pricing model and discuss how these concepts may be applied to assess investments with applications related to the energy industry such as the development of an oil lease.

View detailed information about this course
Issues in Energy & Petroleum Economics (BU5557)

15 Credit Points

Much of this course is devoted to petroleum policies. Concepts of economic rents from petroleum exploitation and the various mechanisms by which the rents can be collected by the state are discussed, including production sharing and service contracts. Licensing policies, including relinquishment terms, pricing, procurement, domestic market obligations, the role of state oil companies, and depletion policy are examined. The Oil Fund concept and the issue of oil and gas security of supply are discussed. State and private ownership and control of gas acquisition, transmission and distribution to customers are examined. The economics of CO2 capture and storage is discussed.

View detailed information about this course
Contracting in Hydrocarbon Operations (LS551K)

30 Credit Points

A good knowledge and understanding of the commercial purpose and key features of the principal contracts used in the oil and gas industry is essential for an oil and gas lawyer. This course will examine the contracts entered into between the state and the commercial actors involved in the exploration for and production of oil an gas and the contracts entered into between the oil companies themselves, and those between oil and gas companies and the contractors making up the supply chain. The course will be taught by means of a mix of lectures, seminars and interactive workshops.

View detailed information about this course
Semester 3

Semester 3

Compulsory Courses
Master of Laws Dissertation (LS5904)

60 Credit Points

Between May and mid-August students prepare a 10,000 word dissertation on a topic of their choice related to their specialist LLM programme. Students are instructed through the delivery of a preparatory lecture, two supervisory meetings and a two hour dissertation planning workshop in a small group setting. Students are expected to spend considerable time on independent research throughout the course of the dissertation module, including; preparation of dissertation plan, amendment of plan in accordance with supervisory comments, preparation for the dissertation workshop, and, of course, in the final 10,000 word dissertation itself.

View detailed information about this course

Programme Fees

Fee information
Fee category Cost
Home / EU / RUK Students £10,000
Tuition Fees for 2020/21 Academic Year
International Students £21,000
Tuition Fees for 2020/21 Academic Year
LLM 12 months or 24 months On Campus Learning Full Time or Part Time January Aberdeen View

Programme Information

Semester 1

Semester 1

Compulsory Courses
Critical Legal Thinking and Scholarship (LS551T)

This compulsory course provides students from diverse legal and educational backgrounds with a common understanding of the core research, analytical, and writing skills which would be required to excel in LLM-Taught courses. It commences with a few lectures and progresses to working in a workshop environment and finally to the submission of an individual assignment. It also incorporates elements such as library workshops to provide students with hands-on experience with the resources available for course and dissertation work.

View detailed information about this course
Contracting in Hydrocarbon Operations (LS551K)

30 Credit Points

A good knowledge and understanding of the commercial purpose and key features of the principal contracts used in the oil and gas industry is essential for an oil and gas lawyer. This course will examine the contracts entered into between the state and the commercial actors involved in the exploration for and production of oil an gas and the contracts entered into between the oil companies themselves, and those between oil and gas companies and the contractors making up the supply chain. The course will be taught by means of a mix of lectures, seminars and interactive workshops.

View detailed information about this course
Real Options and Decision Making (BU5556)

15 Credit Points

The goal of this course is to deepen and broaden students' understanding and develop their analytical skills regarding investment decisions under uncertainty and the value of flexibility and information. The course will introduce relevant concepts from economics and finance such as decision trees, the Black-Scholes equation and the binomial option pricing model and discuss how these concepts may be applied to assess investments with applications related to the energy industry such as the development of an oil lease.

View detailed information about this course
Issues in Energy & Petroleum Economics (BU5557)

15 Credit Points

Much of this course is devoted to petroleum policies. Concepts of economic rents from petroleum exploitation and the various mechanisms by which the rents can be collected by the state are discussed, including production sharing and service contracts. Licensing policies, including relinquishment terms, pricing, procurement, domestic market obligations, the role of state oil companies, and depletion policy are examined. The Oil Fund concept and the issue of oil and gas security of supply are discussed. State and private ownership and control of gas acquisition, transmission and distribution to customers are examined. The economics of CO2 capture and storage is discussed.

View detailed information about this course
Semester 2

Semester 2

Compulsory Courses
Master of Laws Dissertation (LS5904)

60 Credit Points

Between May and mid-August students prepare a 10,000 word dissertation on a topic of their choice related to their specialist LLM programme. Students are instructed through the delivery of a preparatory lecture, two supervisory meetings and a two hour dissertation planning workshop in a small group setting. Students are expected to spend considerable time on independent research throughout the course of the dissertation module, including; preparation of dissertation plan, amendment of plan in accordance with supervisory comments, preparation for the dissertation workshop, and, of course, in the final 10,000 word dissertation itself.

View detailed information about this course
Semester 3

Semester 3

Compulsory Courses
State Control of Hydrocarbons (LS501E)

30 Credit Points

With only limited exceptions hydrocarbons lie in the ownership or control of states, but are frequently explored for and produced by commercial actors. This course considers the means by which the state controls exploitation of its oil and gas reserves. Following a number of introductory lectures, students will participate in interactive seminars considering topics such as: energy security; licensing; upstream taxation; health, safety and environmental regulation; and international maritime boundaries and joint development. This course is available to students registering for the LLM Oil and Gas Law programmes (Dissertation or Professional Skills).

View detailed information about this course
Corporate Finance and Accounting for Energy (BU5074)

15 Credit Points

This course ensure students understand why companies behave the way they do with respect to financing choices and how this interacts with financial markets, with particular reference to the petroleum and energy industries. The course covers Investment Appraisal Techniques Employed in Petroleum Industry, Risk Analysis, Portfolio Theory and the Capital Asset Pricing Model (CAPM)

View detailed information about this course
Energy and Petroleum Economics (BU5073)

15 Credit Points

This course discusses the world petroleum market in the context of overall energy markets. The main features of the evolving petroleum market are analysed including examination of the Hotelling model and Hubbert curve. Oil price determination is discussed with detailed consideration of the special characteristics of the demand and supply curves in the industry. The role of OPEC in the market is examined, including discussion of the various models of OPEC behaviour and the determinants of its market power. The economics of climate change and the place of renewable energy in the wider energy market is discussed.

View detailed information about this course

Programme Fees

Fee information
Fee category Cost
Home / EU / RUK Students £10,000
Tuition Fees for 2020/21 Academic Year
International Students £21,000
Tuition Fees for 2020/21 Academic Year
MSc 12 months or 24 months On Campus Learning Full Time or Part Time September Aberdeen View

Programme Information

Semester 1

Semester 1

Compulsory Courses
State Control of Hydrocarbons (LS501E)

30 Credit Points

With only limited exceptions hydrocarbons lie in the ownership or control of states, but are frequently explored for and produced by commercial actors. This course considers the means by which the state controls exploitation of its oil and gas reserves. Following a number of introductory lectures, students will participate in interactive seminars considering topics such as: energy security; licensing; upstream taxation; health, safety and environmental regulation; and international maritime boundaries and joint development. This course is available to students registering for the LLM Oil and Gas Law programmes (Dissertation or Professional Skills).

View detailed information about this course
Corporate Finance and Accounting for Energy (BU5074)

15 Credit Points

This course ensure students understand why companies behave the way they do with respect to financing choices and how this interacts with financial markets, with particular reference to the petroleum and energy industries. The course covers Investment Appraisal Techniques Employed in Petroleum Industry, Risk Analysis, Portfolio Theory and the Capital Asset Pricing Model (CAPM)

View detailed information about this course
Energy and Petroleum Economics (BU5073)

15 Credit Points

This course discusses the world petroleum market in the context of overall energy markets. The main features of the evolving petroleum market are analysed including examination of the Hotelling model and Hubbert curve. Oil price determination is discussed with detailed consideration of the special characteristics of the demand and supply curves in the industry. The role of OPEC in the market is examined, including discussion of the various models of OPEC behaviour and the determinants of its market power. The economics of climate change and the place of renewable energy in the wider energy market is discussed.

View detailed information about this course
Semester 2

Semester 2

Compulsory Courses
Real Options and Decision Making (BU5556)

15 Credit Points

The goal of this course is to deepen and broaden students' understanding and develop their analytical skills regarding investment decisions under uncertainty and the value of flexibility and information. The course will introduce relevant concepts from economics and finance such as decision trees, the Black-Scholes equation and the binomial option pricing model and discuss how these concepts may be applied to assess investments with applications related to the energy industry such as the development of an oil lease.

View detailed information about this course
Issues in Energy & Petroleum Economics (BU5557)

15 Credit Points

Much of this course is devoted to petroleum policies. Concepts of economic rents from petroleum exploitation and the various mechanisms by which the rents can be collected by the state are discussed, including production sharing and service contracts. Licensing policies, including relinquishment terms, pricing, procurement, domestic market obligations, the role of state oil companies, and depletion policy are examined. The Oil Fund concept and the issue of oil and gas security of supply are discussed. State and private ownership and control of gas acquisition, transmission and distribution to customers are examined. The economics of CO2 capture and storage is discussed.

View detailed information about this course
Contracting in Hydrocarbon Operations (LS551K)

30 Credit Points

A good knowledge and understanding of the commercial purpose and key features of the principal contracts used in the oil and gas industry is essential for an oil and gas lawyer. This course will examine the contracts entered into between the state and the commercial actors involved in the exploration for and production of oil an gas and the contracts entered into between the oil companies themselves, and those between oil and gas companies and the contractors making up the supply chain. The course will be taught by means of a mix of lectures, seminars and interactive workshops.

View detailed information about this course
Semester 3

Semester 3

Compulsory Courses
Dissertation in Law & Economics of Oil and Gas (EC5903)

60 Credit Points

Dissertation project for MSc Law & Economics of Oil and Gas

View detailed information about this course

Programme Fees

Fee information
Fee category Cost
Home / EU / RUK Students £10,000
Tuition Fees for 2020/21 Academic Year
International Students £21,000
Tuition Fees for 2020/21 Academic Year
MSc 12 months or 24 months On Campus Learning Full Time or Part Time January Aberdeen View

Programme Information

Semester 1

Semester 1

Compulsory Courses
Real Options and Decision Making (BU5556)

15 Credit Points

The goal of this course is to deepen and broaden students' understanding and develop their analytical skills regarding investment decisions under uncertainty and the value of flexibility and information. The course will introduce relevant concepts from economics and finance such as decision trees, the Black-Scholes equation and the binomial option pricing model and discuss how these concepts may be applied to assess investments with applications related to the energy industry such as the development of an oil lease.

View detailed information about this course
Issues in Energy & Petroleum Economics (BU5557)

15 Credit Points

Much of this course is devoted to petroleum policies. Concepts of economic rents from petroleum exploitation and the various mechanisms by which the rents can be collected by the state are discussed, including production sharing and service contracts. Licensing policies, including relinquishment terms, pricing, procurement, domestic market obligations, the role of state oil companies, and depletion policy are examined. The Oil Fund concept and the issue of oil and gas security of supply are discussed. State and private ownership and control of gas acquisition, transmission and distribution to customers are examined. The economics of CO2 capture and storage is discussed.

View detailed information about this course
Contracting in Hydrocarbon Operations (LS551K)

30 Credit Points

A good knowledge and understanding of the commercial purpose and key features of the principal contracts used in the oil and gas industry is essential for an oil and gas lawyer. This course will examine the contracts entered into between the state and the commercial actors involved in the exploration for and production of oil an gas and the contracts entered into between the oil companies themselves, and those between oil and gas companies and the contractors making up the supply chain. The course will be taught by means of a mix of lectures, seminars and interactive workshops.

View detailed information about this course
Semester 2

Semester 2

Compulsory Courses
Dissertation in Law & Economics of Oil and Gas (EC5903)

60 Credit Points

Dissertation project for MSc Law & Economics of Oil and Gas

View detailed information about this course
Semester 3

Semester 3

Compulsory Courses
State Control of Hydrocarbons (LS501E)

30 Credit Points

With only limited exceptions hydrocarbons lie in the ownership or control of states, but are frequently explored for and produced by commercial actors. This course considers the means by which the state controls exploitation of its oil and gas reserves. Following a number of introductory lectures, students will participate in interactive seminars considering topics such as: energy security; licensing; upstream taxation; health, safety and environmental regulation; and international maritime boundaries and joint development. This course is available to students registering for the LLM Oil and Gas Law programmes (Dissertation or Professional Skills).

View detailed information about this course
Energy and Petroleum Economics (BU5073)

15 Credit Points

This course discusses the world petroleum market in the context of overall energy markets. The main features of the evolving petroleum market are analysed including examination of the Hotelling model and Hubbert curve. Oil price determination is discussed with detailed consideration of the special characteristics of the demand and supply curves in the industry. The role of OPEC in the market is examined, including discussion of the various models of OPEC behaviour and the determinants of its market power. The economics of climate change and the place of renewable energy in the wider energy market is discussed.

View detailed information about this course
Corporate Finance and Accounting for Energy (BU5074)

15 Credit Points

This course ensure students understand why companies behave the way they do with respect to financing choices and how this interacts with financial markets, with particular reference to the petroleum and energy industries. The course covers Investment Appraisal Techniques Employed in Petroleum Industry, Risk Analysis, Portfolio Theory and the Capital Asset Pricing Model (CAPM)

View detailed information about this course

Programme Fees

Fee information
Fee category Cost
Home / EU / RUK Students £10,000
Tuition Fees for 2020/21 Academic Year
International Students £21,000
Tuition Fees for 2020/21 Academic Year

We will endeavour to make all course options available; however, these may be subject to timetabling and other constraints. Please see our InfoHub pages for further information.

How You'll Study

You will have the opportunity to explore a range of themes to sharpen your critical analysis of key current global challenges and issues. These include Licensing and Upstream Taxation; Investment Appraisal Techniques and Risk Analysis; Health, Safety and Environmental Regulation; Crude Oil Market; Principles of Accounting; and Oil and Gas Contracts. You will take part in a broad range of stimulating lectures, seminars and tutorials with both lecturers and visiting industry practitioners.

Learning Methods

  • Field Trips
  • Group Projects
  • Individual Projects
  • Lectures
  • Research
  • Seminars
  • Tutorials

Assessment Methods

Assessment is by course work, written examination or through a combination of those, as prescribed for each module.

Why Study Law and Economics of Oil and Gas?

This intellectually challenging programme will equip you with the intellectual, critical and practical skills fundamental to a successful career in this area of oil and gas. You will engage directly with professional practice, multi-nationals and government agencies. You will:

• Acquire the global perspectives essential to professional success
• Develop critical insights into current and emerging approaches
• Gain a well-rounded skillset with the tools to succeed
• Obtain insights into commercially oriented analysis
• Strengthen your capacity for social, geographical and cultural mobility

What Our Students Say

Samuel Asare Ankomah Ghana

Samuel Asare Ankomah <small><i>Ghana</i></small>

Samuel Asare Ankomah Ghana

The programme's integration of guest lectures and seminars from leading industry professionals in the field means that upon completion of my course I will have benefitted enormously from years of empirical knowledge in this sector.

Christos Mavrogiannis Greece

Christos Mavrogiannis <small><i>Greece</i></small>

Christos Mavrogiannis Greece

I decided to enrol in a postgraduate degree that fuses economics with law. I feel that this degree will have a high value during my search for a career.

Entry Requirements

Qualifications

The information below is provided as a guide only and does not guarantee entry to the University of Aberdeen.

The minimum entry requirements for this programme is a degree at 2:1 (upper second class) UK Honours level (or a degree from a non-UK institution which is judged by the University to be of equivalent worth).

Please enter your country to view country-specific entry requirements.

English Language Requirements

To study for a Postgraduate Taught degree at the University of Aberdeen it is essential that you can speak, understand, read, and write English fluently. The minimum requirements for this degree are as follows:

IELTS Academic:

OVERALL - 6.5 with: Listening - 5.5; Reading - 6.0; Speaking - 5.5; Writing - 6.0

TOEFL iBT:

OVERALL - 90 with: Listening - 17; Reading - 21; Speaking - 20; Writing - 21

PTE Academic:

OVERALL - 62 with: Listening - 51; Reading - 54; Speaking - 51; Writing - 54

Cambridge English Advanced & Proficiency:

OVERALL - 176 with: Listening - 162; Reading - 169; Speaking - 162; Writing - 169

Read more about specific English Language requirements here.

Document Requirements

You will be required to supply the following documentation with your application as proof you meet the entry requirements of this degree programme. If you have not yet completed your current programme of study, then you can still apply and you can provide your Degree Certificate at a later date.

Degree Transcript
a full transcript showing all the subjects you studied and the marks you have achieved in your degree(s) (original & official English translation)
Personal Statement
a detailed personal statement explaining your motivation for this particular programme

Fee Information

Additional Fee Information

  • Fees for individual programmes can be viewed in the Programmes section above.
  • In exceptional circumstances there may be additional fees associated with specialist courses, for example field trips. Any additional fees for a course can be found in our Catalogue of Courses.
  • For more information about tuition fees for this programme, including payment plans and our refund policy, please visit our InfoHub Tuition Fees page.

Funding Opportunities

The SFC Postgraduate tuition fee scholarship may be available for those classified as Home/EU fee status students for this programme. Visit the scholarship page for more information.

The University of Aberdeen provides an Alumni Discount Scheme:

The University of Aberdeen is very pleased to offer a 20% discount on postgraduate tuition fees for all alumni who have graduated with a degree from the University of Aberdeen. More Information can be found here.

Scholarships

Eligible self-funded international Masters students will receive the Aberdeen Global Scholarship. Visit our Funding Database to find out more and see our full range of scholarships.

Little Lectures

We are hosting a series of Little Lectures to mark our 525th anniversary.

The lectures are a great opportunity to get to know our experts.

View Lecture Schedule

Careers

Career opportunities range from positions within oil and gas companies, international law firms or government ministries. Past graduates have gone on to be Commercial Advisers, Energy Consultants, Investment Analysts, Market Analysts, and Oil and Gas Associates. Others have gone on to complete a PhD, or to pursue careers in politics, business or international finance.

Career Opportunities

  • Commercial Adviser
  • Energy and Business Consultant
  • Investment Analyst
  • Market Analyst
  • Oil and Gas Associates
  • Project Manager

Research Rated Excellent and World Leading

94% of our research is classified as world-leading or internationally excellent (REF, 2014)

Top 10 for Energy Law

We are listed Top 10 for Energy Law programmes by LLM Guide 2020

LLM Guide 2020

Our Experts

Other Expert
Professor John Paterson
Programme Leader
Yakubu Abdul-Salam

Information About Staff Changes

You will be taught by a range of experts including professors, lecturers, teaching fellows and postgraduate tutors. Staff changes will occur from time to time; please see our InfoHub pages for further information.

World Class Facilities

Aberdeen Centre for Research in Energy Economics and Finance (ACREEF)

ACREEF provides a focus for the identification and implementation of high quality research in the areas of energy economics and finance.

Find out more

Aberdeen University Centre for Energy Law

This research centre promotes the research activities of the many members of the School having an interest in Energy Law matters, as well as fostering an environment for collaborative work.

Find out more

Get in Touch

Contact Details

Address
Business School
University of Aberdeen
Edward Wright Building
Dunbar Street
Aberdeen
AB24 3QY