Fixing Flawed Environmental Clauses in Joint Venture Legal Agreements: How Operators and Non-Operators Can Live Up to Their Environmental Stewardship Promises
Article from: OGEL 5 (2020), in Environmental, Social and Governance (ESG)
Abstract
Companies in the oil and gas, chemicals, and mining sectors are among those with the highest environmental, social, and governance (ESG) risk profile. But making meaningful improvement in environmental performance means companies will need to address their joint ventures (JVs), and in particular their non-operated JVs (NOJVs), which represent a material portion of the production of many companies in the extractive industries. Our recent benchmarking shows that the typical NOJV legal agreement - including industry standard forms - tends to have widespread gaps and omissions when it comes ...