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.
Participation Agreement for Turnkey Drilling and Multiple Wells
Category:
State:
Multi-State
Control #:
US-OG-219
Format:
Word;
Rich Text
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FAQ
In the construction industry, EPC is an acronym for Engineering, Procurement and Construction in connection with projects such as tank terminals. It is a standard term that refers to a special form of project execution and contract design.
Example: Many government-owned public housing projects are turnkey projects. A private developer undertakes all activities necessary to producing the project, including land purchases, permits , plans, and construction, and sells the project to the housing authority.
What is Turnkey Construction? Turnkey construction is a building solution that drastically simplifies things for the owner of the future project. With this type of project, the contractor is given the responsibility for design and construction work.
The term EPC is used as synonymous with turnkey mode, providing a complete service to the client, since the EPC contractor coordinates throughout the execution of the project from engineering to commissioning underway, assumes the responsibility for the installation.
An EPC project typically results in a turnkey facility.EPC contractors are often handed little more than performance requirements (output levels, uptime levels, maintenance expense maximums, etc.), whereas most design-build contracts provide at least some design detail in the bridging documents.
EPC is a contract comprising Engineering, Procurement and Construction.3- In turnkey, contractor is responsible to perform construction and commissioning, start-up and take over of the plant to employer, but in EPC, it may be the responsibility of other third person to do commissioning and start-up.
A form of building contract used for a large or otherwise complex project under which the builder (the EPC contractor) will deliver a completed project on a turnkey basis. EPC contract is an abbreviation for engineering, procurement and construction contract.
One of the special modes of carrying out international business is a turnkey project. It is a contract under which a firm agrees to fully design, construct and equip a manufacturing/ business/ service facility and turn the project over to the purchaser when it is ready for operation for a remuneration.