The Dynamism of Joint Operating Agreements Involving National Oil Companies
Article from: OGEL 4 (2013), in Joint Operating Agreements & National Oil Companies: Challenges and Dynamics
Introduction
The Joint Operating Agreement ("JOA") is one of the most important agreements in the oil and gas industry. It is typically used for co-operation in non-incorporated joint ventures between oil companies in carrying out petroleum operations. If the companies agree to form a special purpose vehicle ("SPV") for example a Joint Operating Company ("JOC"), the JOA is still required and more often than not will be the superior agreement or arrangement as compared to the SPV shareholder agreement. It is worth to note that both agreements contain distinct features ie the JOA is an agreement that ...