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Full Description
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 conduct of operations, the financial issues relating to the consortium and the boilerplates 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.The book 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.
Contents
IntroductionChapter one:Conduct of operations 71 Scope 10Eduardo G Pereira2 Working interest 14Eduardo G Pereira3 Liability 18Eduardo G Pereira4 Operatorship, removal and replacement 34Eduardo G Pereira5 Information 56Eduardo G Pereira6 Operating committee (Opcom) 60Eduardo G Pereira7 Award of contracts 83Eduardo G Pereira8 Exclusive operations 103Eduardo G Pereira9 Secondment, project team and staffing 146Anna Ovcharova10 Local content 155Anna Ovcharova11 Health, safety and environment 158Anna Ovcharova12 Disposition of production 162Anna Ovcharova13 Relinquishment, surrender and withdrawal 172Anna OvcharovaChapter two:Funding & Accounting 1811 Work programme and budget 181Eduardo G Pereira2 Authorisation for expenditure 197Eduardo G Pereira3 Insurance 221Eduardo G Pereira4 Decommissioning 224Eduardo G Pereira5 Default 228Eduardo G Pereira6 Cash calls 247Anna Ovcharova7 Cost recovery 253Anna Ovcharova8 Overheads 258Anna Ovcharova9 Accounting 266Anna Ovcharova10 Commingling of funds 272Anna Ovcharova11 Tax 276Eduardo G PereiraChapter three:Boiler plates 2791 Governing law 279Eduardo G Pereira2 Dispute resolution 281Eduardo G Pereira3 Termination 289Anna Ovcharova4 Force Majeure (chance occurrence) 290Anna Ovcharova5 Assignment 293Anna Ovcharova6 Intellectual property rights 296Anna OvcharovaAbout the authors 299
