This form provides that when Operator, in good faith, believes or determines that the actual costs for any Drilling, Reworking, Sidetracking, Deepening, or Plugging Back operation conducted under this Agreement will exceed a designated of the costs estimated for the operation on the approved AFE, the Operator will give prompt notice by telephone to the other Parties participating in the operation, as well as delivering a supplemental AFE estimating the costs necessary to complete the operation. Each Party receiving the supplemental AFE shall have forty-eight from receipt of the notice to elect to approve Operators recommendation or propose an alternative operation.
Louisiana Cost Overruns for Non-Operator's Non-Consent Option
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US-OG-700
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Joint operations, which give parties that have joint control of the arrangement the direct rights to the assets and obligations for the liabilities. Joint ventures, which give the parties that have joint control of the arrangement the rights to the net assets of the arrangement.
A provision in a joint operating agreement enabling sub-groups of participants to undertake activities in the licence area (usually seismic surveys, drilling and development) at their own cost and risk, and to take the entire benefit of those activities, despite those activities having failed to reach the requisite ...
Sole Risk means an operation conducted at the sole cost, risk, expense, and liability of GNPC referred to in 11; Sample 1. Sole Risk means an operation conducted at the sole cost, risk and expense of GNPC referred to in Article 9; Sample 1. Sole Risk .
The Joint Operating Agreement (JOA) in oil and gas industry is an underlying contractual framework of a Joint Venture (JV). The JOA is a contract where two or more parties agree to undertake a common task to explore and exploit an area for hydrocarbons.