The Role Of The Operator Under A Joint Venture Agreement

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There is a contractual right for non-operators to request information and review the account. Hence another way of monitoring the operator through work programmes, a budget established by the operator on an annual basis by the Expenditure Authority (TFA) which provides control of the operator. Non-operators shall request this at any time when the operator exceeds the budget provided for in the inspection clause of the official authority. The work programme describing in detail the activities of the Joint Undertaking and the cost of those actions shall be set out in the budget. However, from a non-operator`s point of view, an elaborate budget, a work programme and the TFA facilitate the monitoring of activities and operations. As a result, the operator has less power to act. The establishment of the work programme and the budget, in collaboration with the operator and the non-operator, creates fewer possibilities for rejection of the work programme and the budget or blocking. It can be said that these provisions constitute an important protection for non-operators, but it is variable that some DES JOA do not have these control mechanisms, such as for example. B american AAPL JOA. Compared to the OGUK and AIPN JOA models, the OGUK model is the only way to control the work programme and the provision of the budget through Opcom. On the other hand, the AIPN model offers more power in terms of costs. One of Opcom`s main duties is to implement the work program requested by government authorities. With regard to the daily tasks of the operator as well as exploration and development activities, the coordination mechanism between Opcom allows non-operators to create a power of control over the operator`s attacks.

The percentage of votes of the representative represents his interests in the OJA, the decisions being taken in the context of a procedure of control of the votes. Opccoms take binding decisions when the passport mark defined in the JOA (also expressed as «yes») is not less than the percentage indicated. In other words, the right to vote of each representative alongside the percentage of votes in favour. To manage the activities and operations in the joint venture, the participants must obtain a majority of votes in Opcom. In other words, it is necessary to obtain a minimum pass to dial. In general, the passport mark is between 50% and 70% in JOA`s. The highest passport mark gives the miner control over the governance of the joint venture. The advantage of the lower pass mark, the largest holder of interest rates gets more power to continue the work. However, the agreement depends on the joint ventures. If the non-operators work together, the power is assigned against the operator. Where the operator owns the property as a trustee on behalf of the non-contractors or if a contract is entered into as a representative of the non-contractor, he or she shall be bound by fiduciary duties in respect of the contract or property in question; This is because the relationship between the trustee and the beneficiary, as well as the agents and contracting entities, entails fiduciary obligations. [13] The role of non-operators is to make a financial part of the production when they are faced with a prorated cash call representing the payment of operational expenses.

Non-operators are «passive investors», so Opcom controls and monitors training by non-operators. The position of operators and non-operators is much more balanced if the operator has played a predominant role in the past. It is obvious that «the operator is usually the most interested participant. The reason for this is that it is the participant who is most interested who will make the largest expenditures and will be more involved in matters of coordination and implementation of operations. [10] Dime Bo Petroleum Corporation vs. The Land and Exploration Company, 717 F. . . .

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