Oil and Gas Contract Law

An upstream International Oil Company (IOC) Operator holding an offshore license in the North Sea is currently preparing for negotiations with a potential drilling Contractor. Advise the IOC Operator on the crucial importance and effectiveness of contractual indemnities and liabilities.
Critically evaluate these key concepts, relevant literature, and provide actual examples relating to contractual clauses covering these. Illustrate your answer
with reference to any relevant and recent incidents relating to these concepts, contract examples, case law, and academic sources which address this important area of oil and gas contract law.