This agreement is between an operator and a participant. Operator is the owner of the leasehold interest in the oil and gas leases described in Exhibit A to this Agreement. Participant desires to acquire an undivided interest in a portion of the Leases, in the manner provided for in this Agreement, and desires to enter into this Agreement for the purposes of joining Operator in the exploration of and development of the Leases.
New Jersey Participation Agreement for Turnkey Drilling and Multiple Wells
Category:
State:
Multi-State
Control #:
US-OG-219
Format:
Word;
Rich Text
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Rig Contract Types. Three factors drive the type of contract offered by the drilling contractor, and selected by the operator: ... Day Rate Contracts. Day rate contracts are the most common. ... Footage Contracts. Footage contracts are used when drilling in mature or well-known fields and reservoirs. ... Turnkey Contracts.
A turnkey contract is one under which the contractor is responsible for both the design and construction of a facility. It has a limited scope as it only deals with engineering, procurement, and construction. It has a wider scope as it deals with various things in a project from the beginning to the end.
A Turnkey contract is typically a construction contract under which a contractor is employed to plan, design and build a project or an infrastructure and do any other necessary development to make it functional or 'ready to use' at an agreed price and by a fixed date.
In the context of drilling, a turnkey is a type of a drilling contract. Once it meant the entire job, beginning to end, and often to ready-to-produce for a set price, however, the term has numerous meanings as defined by individual contracts.
1. adj. [Drilling] Under such an arrangement, the drilling contractor assumes full responsibility for the well to some predetermined milestone such as the successful running of logs at the end of the well, the successful cementing of casing in the well or even the completion of the well.
A drilling contract is an agreement between a drilling contractor and the owner or lessor of mineral rights. The contract outlines the rights and responsibilities of both parties. The more control the owner retains over the contractor, the more liable they are for any damages caused by the drilling.