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1. Decommissioning: Required for oil & gas or infrastructure projects when physical assets require eventual dismantling

2. Environmental Compliance: Specific environmental obligations for operations with significant environmental impact

3. Force Majeure: Provisions dealing with circumstances beyond parties' control, particularly relevant for operations susceptible to external disruptions

1. Accounting Procedure: Detailed financial procedures and cost allocation

2. Contract Area: Geographic definition of operating area

3. Participating Interests: Percentage interests of each party

4. Insurance Requirements: Mandatory insurance coverage

5. Voting Procedures: Detailed mechanisms for Operating Committee decisions

6. Form of Assignment: Template for transfer of interests

A joint operating agreement (JOA) in the oil and gas industry is a contract between two or more companies that jointly own the rights to explore and produce hydrocarbons from a particular area or field. The JOA governs the relationship between the parties, outlining their respective rights, obligations, and responsibilities. It typically designates one company as the "operator" responsible for managing day-to-day operations, while the other parties are known as "non-operators." The agreement covers crucial aspects such as cost-sharing arrangements, voting rights, and procedures for decision-making. JOAs are essential for ensuring efficient collaboration and minimising disputes among the parties involved in a joint venture.

A Joint Operating Agreement (JOA) is a contract between companies engaged in a joint venture, typically in the oil and gas industry. Some key clauses to look out for in a JOA include the clause, which governs decision-making, and the clause, defining the geographical scope. Consulting legal counsel is advisable when negotiating a JOA.