• For Entry: January | September
  • Duration: 12 months
  • School: Social Sciences
  • Study Mode: Full Time

Designed to give you an understanding of the legal and regulatory environment and processes in the international energy and resources industries.

TEF Gold - Teaching Excellence Framework

The world's long-term economic development depends on the existence of efficient, innovative and creative energy and resources industries. These in turn rely on individuals who possess a sound grasp of their legal, economic, technical and policy backgrounds.

The CEPMLP is at the heart of these issues and provides the best in advanced education in its field, preparing its graduates to meet the challenges posed by the evolving global economy.

Throughout its history, the CEPMLP has achieved continuous growth and has established international pre-eminence in its core activities: scholarly performance, high level academic research, strategic consultancy and top-quality executive education. Currently, we have over 500 registered postgraduate students from more than 50 countries world-wide.

Our interdisciplinary approach to teaching, research and consultancy gives us a unique perspective on how governments and businesses operate. We offer flexible courses delivered by the best in the field, devised and continually updated in line with the Centre's unique combination of professional expertise and academic excellence.

This provides a rigorous training for graduate students and working professionals. Full-time and distance-learning degrees, intensive training programmes tailor-made for individuals or companies and short-term professional seminars are all on offer.

We will teach you the practical and professional skills you need to mastermind complex commercial and financial transactions in the international workplace, and we will expose you to many varied and exciting opportunities. Why not take a few minutes to complete our application form - it could be the most far-reaching career move you'll ever make!

The Centre for Energy, Petroleum and Mineral Law and Policy

The Centre for Energy, Petroleum and Mineral Law and Policy at the University of Dundee is the internationally renowned graduate school in the field of international business transactions and natural resources and energy law and policy.

Stimulated by oil and gas developments in the North Sea, the Centre was established in May 1977.

Our interdisciplinary approach to teaching, research and consultancy provides a unique perspective on how governments, business and communities operate, providing the professionals of today with the ability to meet the challenges of tomorrow.

Winning the Queen's Award for Enterprise in International Trade in 2004 was recognition that for nearly three decades we had been delivering high quality professional training and education worldwide.

This commitment to quality remains to this day and will continue and improve into the future.

Teaching Excellence Framework (TEF)

The University of Dundee has been given a Gold award – the highest possible rating – in the 2017 Teaching Excellence Framework (TEF).

Read more about the Teaching Excellence Framework

TEF Gold - Teaching Excellence Framework

How you will be taught

Knowledge and Understanding:

  • of the main types of international (global and regional) and national regulatory frameworks and instruments between and within individual states, as well as between companies and governments, and contractual arrangements between companies in the international energy and natural resources sectors.
  • of the key policy issues relating to law, regulation and contracts in the international energy and natural resources sectors.
  • of the jurisprudence of courts, and operation of tribunals and other dispute settlement mechanisms.

Skills

  • Undertake an evaluation of legal (or fiscal) regimes for the international energy and natural resources sectors.
  • Participate in the drafting of international agreements and national regulations or in the negotiation of an agreement between government and company or between companies, in the international energy and natural resources sectors.
  • Critically review information and critically analyse issues relating to the international energy and natural resources sectors, informed by developments at the forefront of the subject.

How you will be assessed

The LLM is made up of compulsory and elective modules, from a wide range - visit the CEPMLP website to view the full list for a particular specialisation. The taught component is followed by either:

  • a dissertation of up to 15,000 words on a topic approved by an academic supervisor, or
  • an Internship report - students who choose this option are required to source an organisation willing to offer a 3-month work placement, approved by an academic supervisor.

 

What you will study

Our LLM is made up of a total of 180 credits

Core Modules

The following modules must be completed (40 Credits)

Credits:20

Overview

The main objective of the module is to provide an understanding of the main law and policy issues in the international petroleum industry, with an emphasis upon transactional agreements concluded between host government and oil company/investors.

Common and diverging objectives between the two parties and indeed among the international corporate and financial investors themselves are faced in a candid and practical way, with an emphasis upon ways of accommodating the interests of diverse stakeholders in the development of petroleum resources.

A brief introduction is provided to petroleum taxation issues. The module focuses upon problem-solving techniques in a variety of settings, noting the inputs of lawyers, economists, accountants, engineers and geologists.

Module leader

Professor Peter Cameron

Credits:20

Overview

This module will provide students with foundation knowledge on how taxes and non-tax instruments are used by governments and the extractive industry to promote natural resource development while deriving revenues for the state and profits for extractive firms. Emphasis is on providing an understanding of the complex issues of tax regimes and the skill to analysis current topics or controversies, with the objective of providing competent strategy or policy advice to either governments or resource firms. Students will be prepared to compare and evaluate alternative taxation regimes, including environmental and international tax issues. Some topics covered in the module include; resource rent taxation, royalties, direct and indirect taxes, general structure of PSAs/PSCs, transfer pricing, and current issues from around the world. This module does not teach skills in accounting, financial analysis or tax law.

Module leader

Dr Ariel Bergmann

Core Specialist

A minimum of 40 credits from

Credits: 20

Overview

The main aim of this course is to introduce students to current methods of financial and project appraisal techniques that relate to natural resources and energy organisations. This is a practical course in which evaluation techniques and concepts are taught, such as discounted cash flow, internal rate of return and payback period, which are applied to realistic scenarios, leading to the preparation of spreadsheets, their analysis and interpretation of results. The student should be able to recommend the appropriate appraisal techniques to a given business investment along with an appreciation of social and other non-financial features. Taxation and sources of finance are also introduced in this module, but any in-depth analyses of them can only be provided in other courses.

Credits: 20

Overview

The aim of this module is to equip students with the economic, technical, and institutional knowledge for understanding the working of the international petroleum industry and to develop students’ capacity in analyzing the economic and policy problems associated with international oil and gas markets. The module is organized along the petroleum product value chain, such as exploration and development, production, refining and marketing, and natural gas monetization. By completing this module, students should have the knowledge and understanding of demand, supply and price dynamics of oil, gas and refined petroleum products and the skills to analyze trends and issues in oil and gas markets and to evaluate petroleum projects, contracts, and policies. The module is designed for an interdisciplinary audience and will not require a background in economics.

Module leader

Dr Xiaoyi (Shawn) Mu

Credits: 20

Overview

Project financing is a tool, not an outcome in itself. This course recognises that energy projects are frequently financed by lenders. Where the lenders are content to accept repayment solely from the revenues of that project – not from the wider revenues of the sponsor – there is a limitation of recourse (or at the extreme an absence of recourse). That is project financing. The course looks at how various types of energy project can be structured to achieve that goal. The bank is not an equity risk taker – its business is to take credit risks. Project finance will force the bank to take a degree of project risk, so the bank will demand a contractual structure which mitigates that risk exposure. The course is concerned with understanding the risks for various energy projects – oil development; gas development; power generators; mining projects etc – and seeing how the principle risks inherent in those projects are moved by contract to the party best able to bear the risk. The course understands that where the bank is happy with the project risk profile, it will lend. If the bank is not happy with the project risk profile, it will not lend. The course looks at the risks which can be moved and how are they moved to a party acceptable to the lender – whilst at the same time ensuring that the holder of that risk is happy with the level of payment for taking that risk.

Module leader

Stephen Dow

Credits:20

Overview

The primary aim of the course is to provide a detailed consideration of the theory of finance as it applies to the energy and mining industries and to consider how the theory is applied in practice. The two key focus areas will be investment decision making with uncertainty and how the investment demands are financed.

Module leader

Mr Armando Zamora

Corporate Governance

Module Convenor: Professor Alice Belcher

This module will give students an understanding of corporate governance issues. The module addresses the following: distribution of power within companies; methods of regulating governance; governance systems across the world; auditors and internal control; the meaning and importance of good governance. This module will be of interest to students who wish to work in the area of corporate governance in the UK or internationally.

 

Module Reading List

Corporate Governance

Module Convenor: Professor Alice Belcher

This module will give students an understanding of corporate governance issues. The module addresses the following: distribution of power within companies; methods of regulating governance; governance systems across the world; auditors and internal control; the meaning and importance of good governance. This module will be of interest to students who wish to work in the area of corporate governance in the UK or internationally.

 

Module Reading List

International Taxation Law

Module Convenor: Ms. Yvonne Evans, Room 3.12.

This is a second semester module. The method of assessment is: one piece of assessed work, in the form of a 4,000 word essay to be submitted after the teaching semester.  The essay title will be released in week 10 of the semester.  The submission date will be in the first or second week of the exam diet (to be confirmed). There will also be one piece of formative work, an essay of 1,500 words completed by the end of week 6 of semester.

This module will give students an understanding of several key aspects of international taxation law. The module will address issues of tax jurisdiction for individuals and corporations, and issues arising in the taxation of cross-border transactions. We will consider the interpretation of double taxation treaties and examine attempts to tackle international tax avoidance.

Taxation is of great importance to lawyers dealing with business transactions, and this module will be of interest to students who wish to work in the area of commercial law or within government institutions.

 

 

Compulsory Choice Modules

40 credits from

Credits: 40

Overview

The dissertation contributes to the achievement of the aims of the Masters degree namely:- to promote a deeper and critical understanding of selected areas relating to the specialisation of the student; to develop originality of thought and skills of research, analysis, argumentation and expression; to build upon, develop and integrate the knowledge and skills acquired in the taught modules.

A dissertation of up to 15,000 words on a topic approved by an academic supervisor.

Credits: 40

Overview

The dissertation contributes to the achievement of the aims of the Masters degree namely:- to promote a deeper and critical understanding of selected areas relating to the specialisation of the student; to develop originality of thought and skills of research, analysis, argumentation and expression; to build upon, develop and integrate the knowledge and skills acquired in the taught modules.

A dissertation of up to 15,000 words on a topic approved by an academic supervisor.

Elective Modules

Sufficient modules from the academic timetable to bring the total number of credits to 180.

In common with other CEPMLP LLM degrees, any approved module can be included in the elective modules.

What sort of jobs do alumni of CEPMLP go on to do?

The answer is a wide range of varied roles. It is important to be aware that as with any job it depends upon your level of experience and skills set as to whether the role would be suitable for you, there is no one size fits all.

Past alumni have found employment with a variety of organisations including National Oil Companies, Exploration and Production Companies, Government and Ministries and Commercial Organisations including Banks, Law Firms and Global Consultancies.

You should have the equivalent to a UK Honours degree, preferably at 2:1 level or above. Candidates with a 2:2 degree may also apply. Preferred degree disciplines are Law, Economics, Geology, Petroleum or Mining Engineering, Finance.

Work experience in the energy/natural resources industry is an advantage, though it is not a strict requirement for admission to the MSc.

 EU and International qualifications


English Language Requirement

IELTS Overall 6.5
Listening 6.0
Reading 6.0
Writing 6.0
Speaking 6.0

 Equivalent grades from other test providers

 

English Language Programmes

We offer Pre-Sessional and Foundation Programme(s) throughout the year. These are designed to prepare you for university study in the UK when you have not yet met the language requirements for direct entry onto a degree programme.

 Discover our English Language Programmes

Petroleum Technology Development Fund scholarship available (dependent on eligibility)

The fees you pay will depend on your fee status. Your fee status is determined by us using the information you provide on your application.

 Find out more about fee status

Fee statusFees for students starting 2018-19
Scottish and EU students £17,950 per year of study
See our scholarships for UK/EU applicants
Rest of UK students £17,950 per year of study
Overseas students (non-EU) £17,950 per year of study
This programme is eligible for our Global Excellence Scholarship

You apply for this course via the UCAS Postgraduate website which is free of charge. You can check the progress of your application online and you can also make multiple applications.

You'll need to upload relevant documents as part of your application. Please read the how to apply page before you apply to find out about what you'll need.

  Degree Course code
Apply nowPetroleum Taxation and Finance LLMP024456

Course Contact

Mr Stephen Dow
Centre for Energy, Petroleum and Mineral Law and Policy
s.r.dow@dundee.ac.uk
+44 (0)1382 384818

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