This report examines step-by-step the Joint Operating Agreement as the contractual source of the rights and liabilities of every party involved in the exploration, development and production in oil and gas fields. It is the "consitution" by which the joint venture is governed and under which operations are carried out. The book contains a specimen Joint Operating Agreement reproduced in full. It discusses the legal relationships that the Agreement creates and considers key clauses of the Agreement as well as including special chapters on withdrawal and abandonment of fields. Oil companies, accountants and solicitors advising them, investment companies and multinationals and foreign markets in countries with off-shore interests affected by UK practice such as Norway, Holland, Denmark and Ireland should find this book useful.
This report examines step-by-step the Joint Operating Agreement as the contractual source of the rights and liabilities of every party involved in the exploration, development and production in oil and gas fields. It is the "consitution" by which the joint venture is governed and under which operations are carried out. The book contains a specimen Joint Operating Agreement reproduced in full. It discusses the legal relationships that the Agreement creates and considers key clauses of the Agreement as well as including special chapters on withdrawal and abandonment of fields. Oil companies, accountants and solicitors advising them, investment companies and multinationals and foreign markets in countries with off-shore interests affected by UK practice such as Norway, Holland, Denmark and Ireland should find this book useful.
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ISBN-13
978-0-85121-239-5 (9780851212395)
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Schweitzer Klassifikation
Part 1 Introduction: the UK system of petroleum licensing; the nature of rights and obligations under a licence; general functions of the JOA; development of the UK form of JOA; relationship of the JOA to other connected documents. Part 2 The operator and operating committee: choice and appointment of operator; functions, liability; responsibility to Secretary of State; legal nature of "operatorship"; relationship between parties to the JOA; supervisory role of operating; committee; Part 3 Licence operations from obligatory well to production: exploration, appraisal, development and production; preparation and approval of annual programmes, budgets and other financial procedures. Part 4 Sole risk and non-consent: sub-areas and independent applicaiton of the JOA; exploration, approaisal and devleopment stage; safeguarding interests of parties. Part 5 Default: forfeiture provisions; other forms of default clause; implementation; liquidation. Part 6 Assignment, withdrawal amd surrender: restricitons on assignment; pre-emption rights; right to withdraw; liability and costs. Part 7 JOAs for unitised fields: unitization; special provisions required; relationship with the licence JOA. Part 8 JOAs for onshore operations: new system; special provisions required. Part 9 Abandonment of operations: statutory and licence requirements; abandonment programmes; security for costs. Appendix: specimen JOA.
