In the first in our series on JOA issues, we discuss the recent Stabroek JOA Arbitration decision and what it means for JOA parties considering their own JOA Change in Control provisions. Chevron Corporation’s (“Chevron”)...more
In this case, Texas Crude Energy, LLC (Texas Crude) and Warwick-Athena, LLC (Warwick) (collectively, the non-operators) sued Burlington Resources Oil & Gas Co., LP (Burlington or the operator) after Burlington refused to...more
Leveraging oil and gas assets for capital has become a strategic imperative for independent producers grappling with limited traditional financing options and economic volatility. Asset-backed securities (ABS) in the oil and...more
The article examines the JOA’s main provisions, including rights and duties of the operator, operating committee, work programs and budgets, contract awards, greenhouse gas provisions, exclusive operations, default,...more
The Eagles, in their popular song "Hotel California," were prophetic when singing, "You can check out any time you like, but you can never leave." Oil and gas companies today may find it increasingly difficult to exit oil and...more
On 16 February 2023, the Association of International Energy Negotiators (“AIEN”, formerly the Association of International Petroleum Negotiators or AIPN) published an updated version of its model form joint operating...more
The Joint Operating Agreement (JOA) is often the key contract between parties that have a shared interest in oil and gas exploration, development, and production in a designated area. And one of the most contested provisions...more
As the U.S. energy industry comes to grips with the most dire economic crisis in its history, wrought by an invisible virus and global oil price war, and with many exploration and production (E&P) producers substantially...more
On Friday 17 January 2020, the High Court gave its judgment in the TAQA Bratani v Rockrose case (TAQA Bratani Ltd and others v. RockRose UKCS8 LLC [2020] EWHC 58 (Comm)). In this judgment, the Court held in favour of the...more
There have been a number of recent English Court decisions concerning implied obligations of good faith. In May 2019, we considered the potential impact of those decisions on joint operating agreements in the oil & gas...more
In the international upstream oil and gas exploration and production industry, joint operating agreements (“JOAs”) are the key agreements which govern the terms upon which oil and gas companies regulate their upstream joint...more
Practical Issues Under Joint Operating Agreements Relating to Withdrawals, Transfers and Changes in Control - In light of their long term objectives and potential future transactions, parties should consider the...more
On Wednesday, April 26, President Trump submitted his tax reform proposal which is, for now, only about 100 words long. It contemplates a number of sweeping changes to the tax code. On the business side, these include a 15%...more
We begin with an existential question: “The philosophy behind all of the model form agreements is that aggressive drilling under the JOA should be promoted and rewarded. Agree or disagree? ...more
Are Louisiana courts as enamored with arbitration as their Texas counterparts? Looks like it. East of the Sabine, submitting your dispute to arbitration means you are pretty much saying adieu, farewell and bye-bye to...more