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.
Pennsylvania Participation Agreement for Turnkey Drilling and Multiple Wells
Category:
State:
Multi-State
Control #:
US-OG-219
Format:
Word;
Rich Text
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How to fill out Participation Agreement For Turnkey Drilling And Multiple Wells?
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FAQ
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.
A turnkey business may refer to a business that can be purchased without having to make any changes to the business model or products sold. For example, a franchise like Taco Bell is a type of turnkey business.
TURNKEY: Adj ? 'the provision of a complete product or service that is ready for immediate use' Working with a turnkey partner means you have a simple project delivery method under one single contract, in which all stages of the project are included from design through to construction.
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.
It is a contract where an independent agent provides all materials and labour and does all the work necessary to complete a project for a fixed price. Turnkey contracts are simply agreements between a builder and a business where the builder agrees to complete a project that is then readily available for the company.
A turnkey project is a delivery method in which a contractor works with a project owner under a single contract to complete all project stages from detail engineering through construction.