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Oil And Gas Participation Agreement
"I need an Oil and Gas Participation Agreement for a joint venture between three companies operating in Texas, where my company will be the operator with a 45% participating interest, and we need specific provisions for environmental compliance and carbon capture technology implementation by March 2025."
1. Parties: Identifies all participating parties, their legal status, and contact details
2. Background/Recitals: States the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Participating Interests: Specifies each party's ownership percentage and rights
5. Operating Procedures: Details day-to-day operations, decision-making processes, and voting rights
6. Financial Obligations: Outlines cost sharing, capital contributions, and payment terms
7. Transfer Restrictions: Details limitations on transfer of interests and right of first refusal
8. Term and Termination: Specifies duration and conditions for termination
1. Area of Mutual Interest: Defines geographic area where parties agree to share opportunities - use when parties want to collaborate on future opportunities in specific areas
2. Environmental Compliance: Specific environmental obligations and responsibilities - use when operating in environmentally sensitive areas or with specific regulatory requirements
3. Decommissioning: Procedures for well abandonment and site restoration - use when agreement covers end-of-life operations
4. Force Majeure: Provisions for unforeseen circumstances - use when operating in areas with political/geological risks
1. Property Description: Detailed description of the contract area including maps and coordinates
2. Accounting Procedure: Detailed procedures for joint account management and cost allocation
3. Operating Procedure: Detailed procedures for day-to-day operations
4. Insurance Requirements: Specific insurance obligations of each party
5. Environmental Management Plan: Detailed environmental protection procedures
6. Assignment Procedures: Forms and procedures for transferring interests
Authors
Agreement
Area of Mutual Interest
Assignment
Capital Expenditure
Completion
Contract Area
Deepening
Default
Development Plan
Effective Date
Environmental Laws
Exploration Costs
Force Majeure
Governmental Authority
Gross Negligence
Hydrocarbons
Joint Account
Joint Operations
Lease
Non-Consent Operation
Non-Operating Party
Operating Agreement
Operating Committee
Operating Costs
Operator
Participating Interest
Party/Parties
Permitted Encumbrances
Production
Property
Recompletion
Reservoir
Reworking
Sidetracking
Transfer
Well
Wellhead
Working Interest
Work Program
Unit Area
Uniform Resource Unit
Wilful Misconduct
Operating Rights and Obligations
Decision Making
Voting Rights
Cost Sharing
Revenue Distribution
Joint Operations
Work Programs and Budgets
Default
Assignment and Transfer
Withdrawal
Force Majeure
Governing Law
Dispute Resolution
Confidentiality
Health, Safety and Environment
Insurance
Accounting and Audit
Taxation
Liability and Indemnification
Area of Mutual Interest
Non-Compete
Decommissioning
Representations and Warranties
Notices
Term and Termination
Anti-Corruption
Environmental Compliance
Title and Ownership
Right of First Refusal
Intellectual Property
Emergency Operations
Sole Risk Operations
Change of Control
Amendments
Severability
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