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Participation Agreement for Turnkey Drilling and Multiple Wells

Drilling Contract Template With Exxonmobil

Q: Does ExxonMobil have oil rigs?

ExxonMobil&#039;s Santa Ynez Unit (SYU) consists of three offshore platforms, and an onshore processing facility at Las Flores Canyon. A pipeline once transported oil from Las Flores Canyon to inland refineries.

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

Control #:

US-OG-219

Format:

Instant download

Description

The Drilling Contract Template with ExxonMobil serves as a comprehensive Participation Agreement designed to outline the relationship and obligations between the Operator and the Participants regarding the exploration and development of oil and gas leases. Key features include definitions of various terms such as Gross Working Interest, Net Revenue Interest, and Payout, which provide clarity on financial arrangements. The form includes instructions for filling out and editing, emphasizing the need for details like payment amounts and well specifications, which should be accurately reflected on the signature page. Targeted specifically for legal professionals, this template is useful for Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants as it facilitates the structuring of participation in drilling projects, ensuring compliance and clear communication among parties involved. Use cases involve drafting agreements for oil and gas exploration ventures, securing participant contributions, and managing rights and obligations throughout the drilling process. The document emphasizes the importance of timely responses and clear financial transactions, ensuring that all parties understand their roles and responsibilities within the agreement.

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FAQ

ExxonMobil's Santa Ynez Unit (SYU) consists of three offshore platforms, and an onshore processing facility at Las Flores Canyon. A pipeline once transported oil from Las Flores Canyon to inland refineries.

A drilling contract should contain a description of all equipment to be used, such as the rig and power source. The contractor furnishes the rig and a crew of sufficient size/experience to do proper drilling operations.

With more than a century dedicated to finding and producing oil and gas, ExxonMobil has built an incomparable level of experience in how to do it right.

International rig contractor Nabors Industries has drilled the first of three wells in the Permian Basin for ExxonMobil, testing what it said is the world's first fully automated land rig.