|Introduction to Oil & Gas Joint Ventures|
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In the oil business the setting up of joint ventures, the choice of the right partners, the establishment of clear objectives, and the creation of the right management structure are of crucial importance.
The following through of thought processes at each stage is the key to the success of the joint venture and each Part of the Guide aims to demonstrate this progression. In a way, this may sound obvious, but it should be stressed that the complexities of the joint venture activities are indeed daunting and require the correct handling of huge and diverse operations which are subject to ever-changing technical and technological factors, and are influenced by important economic, administrative and personnel aspects.
Timing is of critical importance as correct co-ordination of all the relevant elements is required to ensure satisfactory progress.
The current levels of joint venture management are the fruit of experience which has been costly to acquire. The joint venture management depends upon the advice of a range of experts in all the relevant disciplines and spheres, but difficult decisions have to be taken where the element of doubt has not been eliminated but reduced to the absolute minimum.
This new book is no substitute for experience but will provide a vital reference source for anyone involved in oil and gas joint venturing.
- General - Background, purpose, approach (general and thought process), style of the venture structure.
- Establishing the joint venture - Bidding agreement, practical and preliminary considerations (operatorship and confidentiality), bidding agreement (participating interests, identity of operator, duration of agreement, area of mutual interest, supervision of operations, assignment to third parties). The application, licence fees, grant of licence and rights, Joint operating agreements (scope, operating committee, programme, rights of partners, transfer of equity, withdrawal and default), unitisation agreements (enlargement/reduction of the unit area, tract participation, redetermination, costs and production adjustments, non-unit operations, cost sharing) unitisation across borders.
- Joint Venture Management, Operations - organisation, operator, operating committee, sub-committees, work groups, wider aspects (corporate, technology, financial), exploration (surveys, licences, drilling, improved technology, environment). Appraisal and conceptual development planning, project planning and implementation (project manager) and operating committee (design, schedule, contracting strategy). Production (operations facilities including use of FPSO’s), pipelines, terminals and other responsibilities), Field Management (reservoir, costs end of life), Personnel, Safety, Transportation by tanker (ownership, revenue and costs). Transportation by pipeline (planning, viability and safety) Abandonment.
- Joint Venture agreements for associated services - Tankers (contacts or time and voyage charters, rights, legal aspects), Transportation of oil and gas by pipeline (agreements, terms, risks liabilities).
- Financing Economics, Tax, Safety, Insurances - Financing structures, risk allocation, farm-ins, economics and analysis, tax (exploration and production) Insurance as economic control, placing business, typical packages.
- Non-Operators Viewpoint - Monitoring, auditing, benchmarking and achieving operatorship.