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Book Details
Abstract
The Association of International Petroleum Negotiators (AIPN) model form joint operating agreement (JOA) was first issued in 1990 and has undergone a number of subsequent revisions. It is the most widely-used (although not always the most liked) joint operating agreement in international conventional oil and gas projects today.
This book offers a pragmatic, detailed clause-by-clause review of the most recent (2012) version of the conventional petroleum AIPN JOA. Each clause is analysed in depth by reference to: (1) a statement of what the clause says; (2) a summary of the intended meaning of the clause; and (3) observations on how the clause tends to be modified in practice and might be improved. The book also analyses the major appendices of the AIPN JOA, including the accounting procedure and the lifting procedures.
This book is written by experienced practitioners who together have many years of knowledge and understanding in redrafting, negotiating and applying the AIPN JOA. It will be invaluable to legal representatives, financiers, commercial managers, operational personnel and government parties who are dealing with the AIPN JOA, whether for the first time or from a position of relative familiarity.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Cover | Cover | ||
| Title Page | 1 | ||
| Copyright Page | 2 | ||
| Table of Contents | 3 | ||
| Introduction | 5 | ||
| Article 2: Term and Termination | 7 | ||
| Article 3: Scope | 17 | ||
| Article 4: Operator | 31 | ||
| Article 5: Operating Committee | 83 | ||
| Article 6: Work Programs and Budgets | 105 | ||
| Article 7: Operations by fewer than all Parties | 141 | ||
| Article 8: Default | 183 | ||
| Article 9: Disposition of Production | 213 | ||
| Article 10: Decommissioning and Abandonment | 261 | ||
| Article 11: Surrender, Extensions and Renewals | 313 | ||
| Article 12: Transfer of Interest or Rights and Changes in Control | 319 | ||
| Article 13: Withdrawal from Agreement | 383 | ||
| Article 14: Relationship of Parties and Tax | 405 | ||
| Article 15: Venture Information, Confidentiality, Intellectual Property | 417 | ||
| Article 16: Force Majeure | 443 | ||
| Article 17: Notices | 449 | ||
| Article 18: Applicable Law, Dispute Resolution, Waiver of Sovereign Immunity | 453 | ||
| Article 19: Allocation of Cost and Profit Hydrocarbons | 467 | ||
| Article 20: General Provisions | 479 | ||
| The Accounting Procedure | 495 | ||
| Appendices | 533 | ||
| Appendix 1: Definitions and Interpretations | 533 | ||
| Appendix 8A: Further Commentary on Article 8.4.G | 545 | ||
| Appendix 9A: Use of the Lifting Agreement | 548 | ||
| Appendix 9B: Specific Issues relevant to Associated Natural Gas | 554 | ||
| Appendix 10A: Articles 6.4.A, 6.5, 10.4 and Decommissioning Procedures Sections 3.1 and 3.2 – the Operator’s Duty to Update Decommissioning Estimates and Plans | 556 | ||
| Appendix 12A: Article 12.1.B Alternative | 559 | ||
| Appendix 12B: Article 12.1.B Alternative | 562 | ||
| Appendix 12C: Articles 12.2.D and 12.2.E – interests of Lien Holders | 564 | ||
| Appendix 12D: ‘Cash Value’ and its significance for drafting pre-emption notices under Article 12 | 568 | ||
| Appendix 12E: ‘Cash Value’ in volatile markets | 573 | ||
| Appendix 18A: The application of civil law to the JOA | 575 | ||
| Appendix 19A: Simplified worked example of the allocation of Cost Hydrocarbons and Profit Hydrocarbons by exploitation areas or type of operations | 580 | ||
| About the authors | 585 | ||
| About Globe Law and Business | 589 |