This operating agreement is used when the parties to this Agreement are owners of Oil and Gas Leases and/or Oil and gas Interests in the land identified in Exhibit A to the Agreement, and the parties have reached an agreement to explore and develop these Leases and/or Oil and Gas Interests for the production of Oil and Gas to the extent and as provided for in this Agreement.
Joint Operating Agreement 89 Revised
Category:
State:
Multi-State
Control #:
US-OG-758
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
The Joint Operating Agreement (JOA) 89 Revised is a legal document that outlines the roles, responsibilities, and relationships between parties involved in the exploration and production of oil and gas. This agreement is crucial for parties engaged in joint ventures as it establishes the operational framework for drilling and production activities. Key components of the JOA include clauses on cost-sharing, management of operations, and dispute resolution processes.
Key components of the form
The JOA 89 Revised includes several essential elements:
- Definitions: Clear definitions of key terms used throughout the agreement.
- Responsibilities: A detailed outline of the duties and rights of the operator and non-operators.
- Cost-sharing: Provisions on how costs will be shared among the parties, including liabilities for defaults.
- Operational guidelines: Steps for drilling, development, and operational execution.
- Dispute resolution: Mechanisms for resolving disputes that may arise during the partnership.
Who should use this form
This agreement is primarily used by companies or individuals that are entering into joint ventures for oil and gas exploration and production. This includes operators, non-operators, and any stakeholders who have interests in the oil and gas leases associated with the contract area. Legal counsel may also use this agreement to structure operations and define relationships among parties.
Common mistakes to avoid when using this form
When utilizing the Joint Operating Agreement, parties should be aware of potential pitfalls:
- Incomplete definitions: Ensuring all terms are specified and clearly defined is crucial to avoid ambiguity.
- Neglecting details of cost-sharing: Clearly outline the financial responsibilities of each party to prevent disputes later.
- Failure to include operational timelines: Setting explicit timelines for operations can help manage expectations and accountability.
- Ignoring third-party interests: Consideration of non-participating parties is essential in operational decisions.
Benefits of using this form online
Utilizing the Joint Operating Agreement online provides several advantages:
- Accessibility: Users can easily download and complete the form from any location.
- Time-saving: Online forms are often more quickly updated to reflect current legal standards.
- Convenience: Electronic submissions can streamline communication between parties.
What to expect during notarization or witnessing
When finalizing the Joint Operating Agreement, parties should prepare for the notarization or witnessing process:
- Identification: All signatories will need to present valid identification.
- Signing: The document must be signed in the presence of a notary public or witness to validate its authenticity.
- Record Keeping: Ensure copies are stored securely for future reference and possible audits.
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Form popularity
FAQ
PetroChina $360bn. Royal Dutch Shell $345bn. Saudi Arabian Oil $330bn. BP $278bn. Exxon Mobil $265bn. Total $200bn. Chevron Corporation $146.5bn. Rosneft Oil Corporation $140bn.
#1. SCORE 9.151. Exxon Mobil Corporation. SCORE 9.014. Chevron Corporation. SCORE 8.843. 2018 Rank 3. SCORE 8.723. Valero Energy Corporation. SCORE 8.572. 2018 Rank 6. SCORE 8.401. Citgo Petroleum Corporation. SCORE 8.194. 2018 Rank 5. SCORE 7.882. 2018 Rank 9.
Exxon Mobil (NYSE:XOM) Suncor Energy (NYSE:SU) Enbridge (NYSE:ENB) Schlumberger (NYSE:SLB) Cheniere (NYSE:LNG) BP (NYSE:BP) Royal Dutch Shell (NYSE:RDS-B)
Chevron Corp. (CVX) Suncor Energy (SU) Magellan Midstream Partners (MMP) Enterprise Products Partners (EPD) BP (BP) Cheniere Energy (LNG) EOG Resources (EOG)
In the Oil and Gas industry, Operator means the individual, company, trust, or foundation responsible for the exploration, development, and production of an oil or gas well or lease. Generally, it is the oil company by whom the drilling contractor is engaged.
#1 China Petroleum & Chemical Corp. (SNP) #2 PetroChina Co. Ltd. (PTR) #3 Saudi Arabian Oil Co. (Saudi Aramco) (Tadawul: 2222) #4 Royal Dutch Shell PLC (RDS. A) #5 BP PLC (BP) #6 Exxon Mobil Corp. (XOM) #7 Total SE (TOT) #8 Chevron Corp. (CVX)
#1 China Petroleum & Chemical Corp. (SNP) #2 PetroChina Co. Ltd. (PTR) #3 Saudi Arabian Oil Co. (Saudi Aramco) (Tadawul: 2222) #4 Royal Dutch Shell PLC (RDS. A) #5 BP PLC (BP) #6 Exxon Mobil Corp. (XOM) #7 Total SE (TOT) #8 Chevron Corp. (CVX)
While ZipRecruiter is seeing annual salaries as high as $376,500 and as low as $24,500, the majority of Crude Oil Owner Operator salaries currently range between $91,000 (25th percentile) to $328,000 (75th percentile) with top earners (90th percentile) making $366,500 annually across the United States.
With the oil industry's headwinds in mind, three top oil companies worthy of investors' consideration are ConocoPhillips(NYSE:COP) a global E&P company; Enbridge (NYSE:ENB), a large-scale, diversified midstream company; and Phillips 66 (NYSE:PSX), a leading refining company with midstream, chemical, and distribution