The interests of work can be of two types: exploited and untapped. The holder of the interest in the work, who is the “operator,” manages exploration and production operations, including well proposal, drilling monitoring, and management of marketing and accounting functions. As a general rule, the operator and operators of operating interests who do not operate enter into a joint enterprise agreement (“JOA”) that defines the agreement between the parties regarding the exploration, drilling, development, exploitation and accounting of the oil and gas characteristics in which they have common interests. As noted above, unlike royalty thieves, labour interests bear the costs of operating a well or unit in return for a portion of the revenue; For example, the oil and gas industry has an accounting system called a “common interest count,” which distributes operating revenues and costs among interest owners. The operator calculates the costs to be charged to non-operators under the JOA, allocates these costs on the basis of their respective work interests and sends common interest accounts (“JCB”). The typical transaction consists of three key documents: a purchase and sale contract, a transfer of the licence fee term and a production and delivery agreement. The purchase and sale agreement is the first agreement executed by the parties and governs the process by which the investor performs his due diligence, as well as the closing process. Upon concluding the VPP, the manufacturer entrusts the investor with the investor`s interest by executing and providing the transfer of long-term royalties, and the parties enter into, among other things, the production and supply agreement. The production and supply agreement is the most important agreement that governs the relationship between the parties after the conclusion and determines, among other things, the terms of the delivery of the production of the interested party to the investor (whether or not it is marketed or sold by the manufacturer on behalf of the investor) and defines the corrective measures taken by the investor.

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H&M INVEST s.r.o.

Hájek Martin
Dr. Steinera, Kladno 272 01

603 223 320

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