This operating agreement is used when the parties to the 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 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.
Puerto Rico Joint Operating Agreement 82 Revised (PR JOB 82 Revised) is a legally binding document that governs the exploration, development, and production activities in joint oil and gas operations within Puerto Rico's jurisdiction. The PR JOB 82 Revised is designed to promote collaboration and effective coordination between parties involved in petroleum operations within Puerto Rico's diverse territories. This agreement ensures efficient exploitation of resources while minimizing conflicts among operators. The Puerto Rico Joint Operating Agreement 82 Revised consists of various types, tailored to accommodate specific scenarios: 1. Exploration Agreement: This specific type of PR JOB 82 Revised is used when multiple operators collaborate in exploring new potential petroleum prospects within Puerto Rico. It establishes guidelines for cost-sharing, data sharing, and decision-making processes during the exploration phase. 2. Development Agreement: In the case of discovering commercially viable reserves in Puerto Rico, operators enter into a Development Agreement under the PR JOB 82 Revised. This agreement outlines the responsibilities and obligations of each party during the development phase, including infrastructure construction, production planning, and cost allocation. 3. Production Agreement: Once the petroleum reserves are developed and production commences, operators may enter into a Production Agreement as part of the PR JOB 82 Revised. This agreement addresses production allocation, accounting procedures, environmental compliance, and revenue distribution among participating parties. 4. Decommissioning Agreement: To ensure proper and safe well abandonment after the cessation of production, operators may enter into a Decommissioning Agreement. This type of PR JOB 82 Revised provides guidelines on asset retirement and environmental remediation, ensuring operators fulfill their obligations in a cost-effective and sustainable manner. 5. Unitization Agreement: In cases where oil and gas reservoirs span across multiple fields or units, an Unitization Agreement can be implemented under the PR JOB 82 Revised. This agreement enables operators to jointly develop and manage such reservoirs, optimizing recovery and minimizing waste. The Puerto Rico Joint Operating Agreement 82 Revised serves as a crucial framework for operators to collaborate, share risks and costs, and efficiently manage the exploration, development, production, and eventual cessation of petroleum operations within Puerto Rico's jurisdiction.
