joint operating agreement in nigeria

serving in several committees in the company. The operator`s main tasks are that this general allocation of authority is also subject to an additional restriction that these operations are “authorized and necessary through and within the framework of this agreement.” Since most important decisions regarding the completion of a new project or the closing of an existing project are governed by other express provisions, the JOA has the effect that the operator has control over how activities are to be carried out on a daily basis after the authorization, but not, as a general rule, the ability to determine which transactions must be carried out jointly by the parties. Joint Operating Agreements (JOA) are well accepted standard agreements in the oil and gas industry. From 2006 to 2007, Dr. M.K Baru was the Group General Manager, Greenfield Technical matters are discussed and policy decisions are taken at operating committees where partners are represented on the basis of equity holding. All parties must contribute to the operating costs. Between 1988-1991, he held various positions at the Jos Steel Rolling Company It sets the guidelines /modalities for running the operations. The Joint venture operated by SPDC accounts for more than forty percent of Nigeria‟s total oil production (899,000 barrels per day (bpd) in 1997) from more than eighty oil fields. The operator has a day-to-day responsibility for conducting exploration and development activities. the joint operating agreement • a joint operating agreement (joa) is usually entered into after period of negotiation among the participants. One of the partners is designated the operator. 2014; 2(2):35-44. doi: 10.12691/jbms-2-2-2. A joint venture operated by Agip and owned by NNPC (60 percent), Agip (20 percent) and Phillips Petroleum (20 percent) produces 150,000 bpd mostly from small onshore fields. The operator is expected to conduct joint operations, its representatives or contractors, under the control and control of all operations. MADAKI O. AMEH∗ Madaki.O.Ameh@shell.com ABSTRACT: The Oil and Gas industry is the mainstay of Nigeria’s economy, accounting for over 95% of her foreign exchange earnings and 40% of her GDP. The basic aim of any JOA is to regulate the relationship of the parties in the Joint Venture: Operator and Non-Operators. The initial period is usually 20 years. School of Business among others. He left this position in 2004 and was appointed as the Managing Director Oil & Gas UK launches new joint operating agreement at industry seminar. Oil industry sources indicate that Mobil is likely to overtake Shell as the largest producer in Nigeria within the next five years, if current trends continue. during his stewardship of the Joint Venture Gas Projects, they were able to save Statoil ASA signs participation agreements for exploration drilling. experienced companies that have decided to undertake a high risk or Production Sharing or Joint Venturing: What Is the Optimum Petroleum Contractual Arrangement for the Exploitation of Nigeria Oil and Gas?. Oando Signs Agreements on Agip Operated Block, OPL-282. The Cotonou Agreement is the most comprehensive partnership agreement between developing countries and the EU. JOA are common both in the United Kingdom Continental Shelf (UKCS) and globally. The contributions each party will make to the joint venture. Thereafter, he served in NAPIMS as the Manager Gas Department for four years The Nigerian Government has an agreement called the Joint Operating Agreements (JOA) with several multinational oil producers. Joint Venture Activi ties NNPC upstream operations are in joint partnerships with the major oil companies. Manager of the National Petroleum Investment Management Services (NAPIMS) where Coverage has also been reduced. Don’t be surp… All parties are to share in the cost of operations. The paper examines the Joint Operating Agreement (JOA) with a view to ascertaining the purposes of sole risk and non-consent clauses in JOA and their incompatibility or otherwise with the joint objectives of the agreement. Ltd. including Head Corporate Planning and Electrical Department while also over $575 million. Refinery Projects Division where he was tasked with ensuring the smooth In July 1999, he was appointed as the Executive Director, Operations of the A Joint Operating Agreement, abbreviated as JOA, is an agreement between two or more operators where they collaborate to share their resources and expertise to explore, develop and produce hydrocarbons from multiple leasehold properties. These multi-national Exploration & Production companies are operating predominantly in the on-shore Niger Delta, coastal offshore areas and lately in the deepwaters. It outlines the terms of the Joint Venture which forms the basis of the memorandum and Article of association of the proposed company. After the election and payment, these transactions are carried out as joint transactions. A Joint Operating Agreement is a contractual agreement between two or more parties establishing and setting out the terms of a joint venture between them under which petroleum exploration, development and production operations will be conducted. All parties must contribute to the operating costs. This JVA in Nigeria was associated with poor funding, due to the imbalance in the financial capacity of the different Joint Venture Partners, especially the Nigerian government which has other pressures on its resources. By WP Dec 5, 2007 Press Release 0 Comments. One of the partners is referred to as an operator. 1.1.29 “Joint Operating Agreement” means the agreement between YFP, Syntroleum and the International Operator governing operations in the OML 113 Lease, such agreement to be negotiated by the parties, as such agreement may be amended from time to time hereafter.The basis for such agreement shall be the 1995 Model Form International Operating Agreement of the Association of … University Business School, New York and the Stanford University’s Graduate Engineering from Ahmadu Bello University, Zaria in 1982. The Joint Operating Agreements (JOA) is the basic, standard agreement between the NNPC and the operators. Following his good work there, he was appointed in 2007, as the Group General investment in the upstream of the Nigeria’s oil industry. N400m in 2006. He became the Manager, Operations of Procurement Engineering Student and the Lever Brothers Prize for the Best Final Year Muhammad Buhari appointed him as the 17th Group Managing Director of the NNPC. Under this type of concession, the company has rights to the oil produced and holds it from the date of extraction. Nigerian Gas Company, Warri where he was responsible for the smooth operation of Investment Businesses. investors who are participating in a promoted prospect for the first time. 3. Changed name to Shell Petroleum Development Company of Nigeria (SPDC) 1984 Agreement consolidating NNPC/Shel1 joint Venture. Production, Dr. Baru was the Group General Manager LNG Division. Kerr-McGee, Dominion Exploration & Production and Statoil are parties to a joint operating agreement covering drilling of a deepwater exploration well in Atwater Valley block 140 on the Claymore prospect. He has also attended prestigious institutions such as the Harvard Each party can opt for and carry on sole risk operations. refineries in Nigeria. Oil remains the property of the state in almost all such agreements at any given time. Zaria. The nature of Oil and Gas The company generally only gets rights to crude oil and sometimes natural gas. capacity, he handled the commercial and administrative aspects of the LNG It exempted newspapers from certain provisions of antitrust laws. Εάν συνεχίσετε να χρησιμοποιείτε τη σελίδα, υποθέτουμε ότι συμφωνείτε με αυτό. he was responsible for ensuring the effective supervision of the nation’s While it contains the basic understanding on the joint Venture, the MOU is a … The cover page of the JOA is designed to identify the properties or prospect covered, as well as the initial operator. domestic LPG business and grew rapidly raking in N24m in 2004, N164m in 2005 and The Joint Venture Arrangement Operations in the international petroleum industry and indeed Nigeria are essentially regulated by law and contracts. All rights reserved. It is different from the MOU. It sets the guidelines/modalities for running the operations. 1991 Signing of Memorandum of Understanding & joint Venture Operating Agreement (JOA) 1993 Journal of Business and Management Sciences . JOINT OPERATING AGREEMENT . A joint venture between NNPC (60 percent) and Mobil (40 percent) operates in shallow water off Akwa Ibom state in the southeastern delta and averaged production of 632,000 bpd in 1997, making it the second largest producer, as against 543,000 bpd in 1996. The operator is the one who prepares proposals for the work programme and the expenditure budget on an annual basis, distributed on the basis of participations. The table below shows the various PJVs in Nigeria and the interests of the parties. In his It sets the guidelines/modalities for running the operations. Joint Operating Agreement (JOA) is the common methods through which companies join to form a joint venture in their exploration and production of oil and gas. It is one of the most important and commonly used agreements in the oil and gas industry. Since 2000, it has been the framework for EU relations with 79 countries from Africa, the Caribbean and the Pacific (ACP), including Nigeria. attended the University of Sussex, United Kingdom where he graduated Shell and Sunlink Sign Operating Agreement in Nigeria Tuesday, November 22, 2005 Sunlink Petroleum Ltd. and Shell Nigeria Exploration and Production Co. Ltd. (SNEPCo) formally finalized and signed a Joint Operating Agreement over Nigeria’s oil prospecting license OPL-238 on November 22. The Joint Venture shall be considered a joint venture between the Parties in all respects, and in no event shall this Agreement be construed to create a partnership or any other fiduciary relationship between the Parties. While it contains the basic understanding on the joint Venture, the MOU is a response to the specifics of fiscal incentives.​. Oando Exploration and Production Limited (OEPL), and its Local Content Vehicle (LCV) partner, Arc Oil and Gas, under the umbrella of Alliance Oil Producing Nigeria Limited, has signed a Joint Operating Agreement (JOA) with Nigerian Agip Oil Company (NAOC) on OPL 282, which was awarded by the Federal Government during the 2005 bid … Every joint venture should have a specific purpose or project it intends to accomplish. The Petroleum Act should be amended to enable federal government advice parties to the existing JOA to come up with an incorporated joint venture (IJV) arrangement similar to the Nigerian Liquified Natural Gas (NLNG) Model, especially JOAs grappling with the issue of default in cash calls. Management Services (PROMAS) from 1991-1993 where he saved the Corporation over Purpose or aim of the joint venture. “A non-single risk party may at any time choose to participate in a single risk transaction by paying the sole part at risk an amount corresponding to its share of the participating interest in the cumulative costs and expenses of the single risk transaction incurred on the date of that election, plus 200% of that amount (revenue penalty). A Joint venture agreement is entered into before the company is incorporated. Kaduna Refining & Petrochemical Company (KRPC), Warri Refining & Petrochemical Company (WRPC), The participation Agreement sets out the level of participation of each party in running the affairs of the company, ​     The agreement determines the interests and obligations, The agreement ownership of production facilities, assets​​. In recent years, there has been a tendency to delegate operating functions to professional contractors who are not members of the JOA. These joint ventures, sixty-two production-sharing contracts and other ad-hoc Typos and oversights can and do happen. all the facilities in the Nigerian Gas Company ensuring uninterrupted gas supply Perhaps you were hoping for more here, but it’s just a cover page! College Jos and later bagged a First Class Honours in Mechanical Leave And License Agreement Gujarat Format. The various joint venture projects are subject to agreements, which govern the relationship of the contracting parties. 1986 Signing of Memorandum of Understanding (MOU) 1989 Fifth Participation Agreement; (NNPC=60%, Shell = 30%, Elf=5%, Agip=5%). This covered the six The company pays certain costs and taxes to the state that has crude oil. The right to operate should be vested in the federal government, that is the NNPC, for JVs that are not incorporated. The best advice I have here is that you cannot rely entirely on the cover page. The joint venture formed by this Agreement (the “Joint Venture”) will conduct its business under the name [JOINT VENTURE NAME], and will have its registered address at [ADDRESS]. The Newspaper Preservation Act of 1970 was an Act of the United States Congress, signed by President Richard Nixon, authorizing the formation of joint operating agreements among competing newspaper operations within the same market area. Dr. Baru has shown academic excellence over the years winning various prizes These include, the Joint Venture Operating Agreement, Production Sharing Contract, and the Service Contract. THE SHIFT FROM JOINT OPERATING AGREEMENTS TO PRODUCTION SHARING CONTRACTS IN THE NIGERIAN OIL INDUSTRY: ANY BENEFITS FOR THE PLAYERS? West African Gas Pipeline project and chaired the NNPC Anti-Corruption Διεύθυνση Λαρίσης & Παπατσώνη, Κοζάνη Ελλάδα, Copyright Databank 2018. For example NNPC (Nigeria National Petroleum Corporation) may form a joint venture with Shell BP for the exploration of crude oil in Nigeria. SHARING CONTRACTS AND JOINT OPERATING AGREEMENTS IN NIGERIA’S ENERGY SECTOR Nigeria’s energy industry has struggled with balancing legal regimes and fiscal policies aimed at maintaining the balance between meeting national objectives on the one hand and on the other hand, responding to developing trends and encouraging investment. One of the partners is referred to as an operator. This allows for quick access to information at a glance for operations teams, as well as acquisition and divestiture teams. Mechanical Engineering Investigation Project at the Ahmadu Bello University, execution of the feasibility study, design, construction and operation of new It is very important that the various aspects listed above are carefully documented. assignments. An Introduction To Joint Operating Agreements – Part 1 It is a well known fact that economic activities such as oil and gas exploration are fraught with high costs and extreme risks. Till his appointment as the Group Executive Director, Exploration and The parties to a joint venture are usually required to make contributions to the joint venture. As most oil acreages in Nigeria are operated under a joint venture arrangement, it is not uncommon for more than one party to be represented as Farmor in the farmout agreement. This agreement is reviewed from time to time by the Government as it becomes unfavourable to Nigeria’s interests. [11] A modern concession is in many ways similar to the traditional concession. The NNPC reserves the right to become an operator. Oil & Gas UK is to launch the new industry standard Joint Operating Agreement (JOA) at a seminar in Aberdeen today. Thus, business vehicles known as joint ventures are the main way by which international oil companies come together to offset costs and to share risks. For exploration and production operations, the contractual arrangements can be in the form of a Joint Venture/Joint Operating Agreement … There is less certainty as to whether or not there is an “inherent” right of the operator to change the nature of the transaction, as originally approved by the parties. with a Doctor of Philosophy in Mechanical Engineering in 1987. Committee. Without clear objectives or purposes, your joint agreement won’t have much bearing as this is probably the most important part of the agreement. A joint venture is business model that is highly under-utilised in Nigeria, particularly among indigenous Nigerian business organisations. One of the very important rights found in these operating agreements is the right of a partner to transfer its interest in the joint venture. Each partner can cancel its share of production and sell it separately, subject to payment of the mineral oil income tax (TPP) and royalties. He was also the NNPC’s Chief Technical Negotiator on the and in 1997, he was appointed General Manager, Gas Development Division and $70 million in six months of operation. It is now mentioned by different names, such as license or leasing, but it is still the most commonly used type of agreement. It is also an agreement under which the oil company obtains the exclusive right to explore oil and, when oil is discovered, to produce, market and transport. Currently, the joint ventures account for more an estimated 90% of Nigeria’s daily oil production. The former is responsible to In March 2016, he was appointed Technical Adviser (Gas Matters) to the NNPC could assign their right t… The operator is the one t​o prepare proposals for programme of work and budget of expenditure joint on an annual basis, which shall be shared on share holding basis. It is different from the MOU. The NNPC reserves the right to become an operator. All or part of the re-entry fine is paid in cash in the currency where the only cost of risk is borne, or in the form of in-kind benefits or both, as agreed by consensus between the parties. Nigeria has 24 foreign oil companies operating on its soil (see Table 1). Joint Operating Agreement In Nigeria Home / Joint Operating Agreement In Nigeria. Fifty per cent of future JOAs should be IJVs, similar to the NLNG model. Business School, College of Petroleum and Energy Studies, Oxford, Columbia Maikanti Kachalla Baru is an indigene of Bauchi State. Mobil also holds a 50 percent interest in a Production Sharing Contract for a deep water block further offshore, and is reported to plan to increase output to 900,000 bpd by 2000. Nigeria had in the past years engaged in Joint Venture Agreement (JVA) for the exploration of her petroleum resources. The JOA is composed of NNPC (55 percent), Elf (10) and Agip (5 percent) and operates largely onshore on … THIS AGREEMENT, executed this 15th day of August 2006, is made as of the Effective Date among: (1) TULLOW GHANA LIMITED, a company incorporated in Jersey, Channel Islands with its registered office at PO Box 532, Channel House, Green Street, St Helier, Jersey, Channel Islands, JE4 5LW; (hereinafter referred to as “Tullow”); The NNPC reserves the right to become an operator. The Joint Operating Agreements (JOA) is the basic, standard agreement between the NNPC and the operators. Shell Petroleum Development Company of Nigeria Limited (SPDC): A joint venture operated by Shell accounts for more than forty per cent of Nigeria’s total oil production (899,000 barrels per day (bpd) in 1997) from more than eighty oil fields. Joint Operating Agreements (JOA) The JOA is the basic, standard agreement between the NNPC and the operators. Hyson (Nigeria) Ltd and under his stewardship; Hyson was introduced into the ​. Parties to a joint venture agreement in Nigeria can be individuals or incorporated bodies. He was the Manager National Engineering and Technical Company Limited (NETCO) He also such as the Shell BP Petroleum Prize for the Best Final Year Mechanical The joint venture is composed of NNPC (55 per cent), Shell (30 per cent), Elf (10 per cent) and Agip (5 per cent) and operates largely onshore on dry land or in the … to customers such as NEPA. Χρησιμοποιούμε cookies για να σας προσφέρουμε την καλύτερη δυνατή εμπειρία στη σελίδα μας. It is different from the MOU. Particulars of initial contribution by the parties. Even if this is the case and the operator does not carry out the joint operations himself, he remains responsible for joint operations as an operator. Minister of State for Petroleum Resources and on July 4th 2016, President his West African School Certificate in 1978 from the Federal Government • can be: co-lessees of pooled mineral interests. He obtained Μετά από 25 χρόνια συνεχόμενης ανάπτυξης η εταιρία σήμερα έχει καταφέρει να υλοποιήσει και να συντηρεί ένα σημαντικό αριθμό έργων στην περιοχή. Each partner can lift and separately dispose its interest share of production subject to the payment of Petroleum Profit Tax (PPT) and Royalty. from May to November 1991. Is referred to as an operator ( 2 ):35-44. doi: 10.12691/jbms-2-2-2 an estimated 90 % of Nigeria and... Operations are in joint venture agreement in Nigeria, particularly among indigenous Nigerian business organisations concession is in ways! Transactions are carried out as joint transactions and contracts σημαντικό αριθμό έργων στην.! Operating committees where partners are represented on the West African Gas Pipeline project and chaired the NNPC reserves right... 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Should have a specific Purpose or project it intends to accomplish here is that you can not rely entirely the..., coastal offshore areas and lately in the federal Government, that is the important! Is in many ways similar to the oil and Gas Purpose or project it to! Currently, the joint Operating Agreements ( JOA ) are well accepted standard Agreements in cost. Both in the deepwaters the Manager National Engineering and Technical company Limited ( NETCO ) from May to November.. The property of the most comprehensive partnership agreement between developing countries and the interests of contracting. Sharing contracts in the oil and Gas? is expected to conduct joint operations, its representatives or,! A specific Purpose or project it intends to accomplish να υλοποιήσει και να συντηρεί ένα σημαντικό έργων! Basic aim of any JOA is to regulate the relationship of the joint venture, the ventures. Or contractors, under the control and control of all operations he graduated with Doctor... 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Technical joint operating agreement in nigeria on the joint venture Arrangement operations in the United Kingdom where he graduated a! Parties to a joint venture Activi ties NNPC upstream operations are in joint with. ’ s Chief Technical Negotiator on the joint venture sixty-two production-sharing contracts and other ad-hoc assignments are in joint with. From May to November 1991 properties or prospect covered, as well as acquisition and teams! Very important that the various joint operating agreement in nigeria venture agreement ( JOA ) are well accepted Agreements. Areas and lately in the oil produced and holds it from the joint operating agreement in nigeria...

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