Advise your client, an upstream IOC Operator holding an offshore license in the North Sea, who is currently preparing for negotiations with a potential drilling Contractor, 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. 

The referencing system (Harvard/OSCOLA, etc.) including footnotes, references, bibliography, page numbers, etc. should be consistent and professionally presented. 

The word limit is 3000 words

Some suggested reading:

Title: Oil and gas exploration contracts. Author: Jennings, Anthony

Who is to Blame? Allocating liability in upstream project contracts Journal of Energy and Natural Resources Law Author: Hewitt, Toby Type: Article ISSN: 0264-6811 Publication Date: 2008 Pages: 177-206 Issue: 2 Tags: Recommended Link (eu02.alma.exlibrisgroup.com) 

A Turtle & others v. Superior Trading Inc Author: B.J. Macfarlane & Co. Type: Document Publisher: B.J. Macfarlane Place of publication: London Publication Date: 2009 Tags: Recommended Link (bjm-co.com) 

How can the indemnity clause expand or limit the responsibility for liability of the parties in international oil and gas contracts? Author: MacAttram, Genevieve Type: Document Publisher: Dundee University Place of publication: Dundee Publication Date: n.d. Tags: Recommended