Oil and gas industry is influenced by the cloud computing era. The urgent requirements for employee safety and social responsibility demand quick and efficient response times thus immediate access to data and processing that can scale up based on the needs in a price effective manner. Due to the sensitivity and the criticality of the information transmitted in the oil and gas industry applications, the clients and the service providers need to customize their agreements appropriately. While standardization of cloud services as well as virtualization can contribute to lower costs of IT infrastructure for the oil and gas industry, still specific details need to be explicitly addressed in the contracts that will guarantee the aforementioned requirements that are very sensitive in this industry. In this paper I am looking into the problem of cloud contractual agreements between clients of the oil and gas industry and the cloud service providers.