Joint Operating Agreements (eBook)

A Comparison Between the IOC and NOC Perspectives, Second Edition

Reg Fowler, Anna Ovcharova, Eduardo G Pereira (Autoren)

eBook Download: EPUB

2022 | 2. Auflage
352 Seiten
Globe Law and Business (Verlag)
978-1-78742-439-5 (ISBN)

Infos

Historically, oil and gas upstream activities were largely open to foreign investment. However, nationalisation in recent decades has concentrated the vast majority of natural resources in the hands of national oil companies (NOCs). Therefore, independent oil companies (IOCs) are increasingly likely to deal with NOCs as a partner. The joint operating agreement (JOA) was intended as a private document that regulates relationships between private investors. Recent developments under several local laws require the participation of NOCs at some stage of the JOA. In addition, many NOCs are now operating internationally, such as Statoil, Gazprom and CNPC. JOAs will thus be affected, as public or semi-public entities are more likely to be party to a document which was originally constructed for private investors. This major work analyses the critical concerns and challenges that IOCs and NOCs face in this new type of consortium, and will ultimately suggest alternative solutions to find common ground between these parties. The book is divided into three chapters, which respectively deal with the supervision & conduct of operations, the financial and accounting issues relating to the consortium, and the other relevant provisions of the agreement. Each chapter will include analysis from the perspectives of four different types of company - large IOCs, large NOCs, young IOCs and young NOCs. This approach will provide a detailed picture of the JOA from the point of view of all players in the oil and gas industry, from small to large companies and private to public entities. This new edition, which is written by three relevant experts in the industry, updates the previous content and addresses new hot issues like compliance, conflict of interests, corporate and social responsibility and price volatility. It serves as an invaluable guide for IOCs, independents, NOCs, consultants, legal advisers and consultants who need to understand the implications of having an NOC as a party to a JOA.

Inhalt

Introduction

Chapter one: Supervision & conduct of operations

1. Scope

2. Working interest

3. Liability

4. Operatorship, removal and replacement

5. Information & intellectual property

6. Operating committee

7. Award of contracts

8. Conflict of interests

9. Exclusive operations

10. Disposition of production

11. Secondment, project team and staffing

12. Local content

13. Health, safety and environment

14. Ethics and compliance

15. Corporate and social responsibility

Chapter two: Funding & Accounting

1. Work programme and budget

2. Authorisation for expenditure

3. Insurance

4. Decommissioning

5. Price volatility

6. Default

7. Cash calls

8. Cost recovery

9. Overheads

10. Accounting

11. Commingling of funds

12. Tax

Chapter three: Other provisions

1. Governing law

2. Dispute resolution

3. Termination

4. Force Majeure

5. Assignment

6. Relinquishment, surrender and withdrawal

Produkt-Details

• Erscheint lt. Verlag: 28.2.2022
• Verlagsort: London
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Allgemeines / Lexika
• Themenwelt: Recht / Steuern ► EU / Internationales Recht
• Themenwelt: Recht / Steuern ► Öffentliches Recht ► Umweltrecht
• Themenwelt: Recht / Steuern ► Privatrecht / Bürgerliches Recht ► Berufs-/Gebührenrecht
• Schlagworte: Joint operating agreements, National oil company, oil and gas
• ISBN-10: 1-78742-439-1 / 1787424391
• ISBN-13: 978-1-78742-439-5 / 9781787424395