This form provides for the reassignment of interests in the event a well is required to be drilled, deepened, reworked, plugged back, sidetracked, or recompleted, or any other operation that may be required in order to (1) continue a Lease or Leases in force and effect, or (2) maintain a unitized area or any portion of it in and to any Oil and/or Gas and other interest which may be owned by a third party or which, failing in the operation, may revert to a third party, or (3) comply with an order issued by a regulatory body
Alaska Provisions For JOB 82 Revised, also known as the Alaska Joint Operating Agreement (JOB), is a legally binding contract that governs the relationships, rights, and responsibilities among oil and gas companies operating in Alaska. The JOB 82 Revised represents an updated version of the original JOB 82 agreement, incorporating amendments and revisions to better align with the evolving industry standards and practices. The Alaska Provisions For JOB 82 Revised establish the foundational framework to promote effective cooperation and collaboration between the participating companies in exploration, development, and production activities in Alaska. This agreement outlines various provisions, which are essential to ensure efficient petroleum operations and fair allocation of related costs and risks among the parties involved. The JOB 82 Revised provisions are crucial for managing the complex logistics and inherent uncertainties associated with oil and gas operations in Alaska's unique and challenging environmental conditions. Under the Alaska Provisions For JOB 82 Revised, key aspects are covered, including: 1. Operating Committee: The establishment of an Operating Committee consisting of representatives from the participating companies. The Operating Committee makes critical decisions related to the operations, abides by contractual obligations, and oversees compliance with regulatory requirements. 2. Cost Sharing: Clear guidelines on cost sharing and cost recovery mechanisms among the participants. This ensures that expenses incurred for exploration, development, and production activities are distributed equitably based on participating interests. 3. Operator ship: Determination of the operator responsible for managing day-to-day operations. The designated operator carries out operations efficiently, adheres to safety standards, and manages the joint venture's activities in compliance with applicable laws and regulations. 4. Decision-making: Procedures for decision-making, including provisions for both unanimous and majority voting. Unanimous decisions are typically required for significant matters such as approval of the annual work program and budget, while routine matters can be decided by a majority vote. 5. Confidentiality and Information Sharing: Ensure the protection of confidential information and establish protocols for sharing data and reports among the participating parties. This facilitates effective communication and collaboration while ensuring the confidentiality of sensitive information. 6. Default and Defaulting Party Provisions: Define the consequences and remedies in case of default by any party, ensuring that all participants fulfill their contractual obligations to avoid disruptions to operations. 7. Dispute Resolution: Procedures for resolving disputes through negotiation, mediation, or arbitration, minimizing the need for formal litigation while providing a fair and efficient process for conflict resolution. It is important to note that the Alaska Provisions For JOB 82 Revised may include additional provisions tailored to specific joint ventures or projects. Companies operating in Alaska's oil and gas sector, including Exploration and Production (E&P) companies, should carefully review and negotiate the JOB 82 Revised to safeguard their interests, mitigate risks, and ensure effective collaboration for the successful development and production of Alaska's petroleum resources.
