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.
Alaska Joint Operating Agreement 89 Revised, commonly referred to as AKA 89 Revised, is an essential legal document used in the oil and gas industry within the Alaskan region. This agreement outlines the operational guidelines, rights, and responsibilities of the participating parties involved in joint ventures related to oil and gas exploration, production, and development in Alaska. The AKA 89 Revised is specifically tailored to address the unique requirements and challenges of the Alaskan oil and gas sector. It establishes a framework for cooperation and collaboration among participating companies, allowing them to effectively pool their resources and expertise to optimize project outcomes while minimizing risks. Key elements and provisions included in the Alaska Joint Operating Agreement 89 Revised may vary depending on the specific project and parties involved. However, some commonly addressed aspects typically comprise the following: 1. Parties: The agreement identifies the companies or entities involved in the joint venture and clearly defines their roles, responsibilities, and ownership interests. 2. Objectives: It outlines the shared objectives and goals of the joint venture, including but not limited to exploration, extraction, production, and development of oil and gas resources within designated blocks or areas in Alaska. 3. Management Committee: The AKA 89 Revised establishes a Management Committee responsible for overseeing and making decisions related to the project. This committee is typically composed of representatives from each participating party and holds decision-making authority on various aspects, such as budgeting, work programs, and major operational decisions. 4. Funding and Cost Sharing: The agreement defines the financial arrangements, including the contribution of funds, costs, and expenses associated with the project. It outlines the formula or mechanism for sharing these costs among the parties based on their respective ownership interests. 5. Operations and Technical Programs: AKA 89 Revised establishes guidelines for planning, execution, and management of exploration, drilling, production, and related operations. It ensures compliance with applicable laws, regulations, and safety standards. 6. Confidentiality and Intellectual Property: This agreement includes provisions to protect sensitive information, trade secrets, and proprietary data. It outlines the confidentiality obligations of the participating parties and encourages the mutual sharing of technical knowledge and intellectual property for the joint venture's success. While AKA 89 Revised is generally applicable to joint ventures in the Alaskan oil and gas industry, it is worth mentioning that there may be different variants or adaptations of the agreement tailored to specific circumstances or projects. These variations might arise due to unique project requirements, the involvement of different stakeholders, or other factors that necessitate specific provisions or amendments to the original AKA 89 Revised documents.
