The Purchase And Sale Agreement Oil And Gas is essential for transactions involving the transfer of oil and gas assets in England and Wales. It is typically used when companies wish to acquire or divest petroleum interests, including production licenses, infrastructure, and related assets. The agreement must comply with the UK regulatory framework, including requirements from the North Sea Transition Authority and environmental regulations. It includes detailed provisions for asset transfer, warranties, indemnities, and conditions precedent, while addressing specific industry considerations such as decommissioning liabilities and environmental obligations.
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1. Parties: Identification and details of buyer and seller entities
2. Background/Recitals: Context of the transaction and asset description
3. Definitions: Key terms used throughout the agreement including regulatory and technical definitions from relevant legislation
4. Sale and Purchase: Core transaction terms including assets being transferred and compliance with Petroleum Act 1998 requirements
5. Purchase Price: Consideration, payment terms, and tax implications under Petroleum Revenue Tax Act
6. Conditions Precedent: Requirements including regulatory approvals from NSTA and other statutory bodies
7. Completion: Process and requirements for closing the transaction including license transfers
8. Warranties: Representations covering regulatory compliance, environmental matters, and asset condition
9. Indemnities: Protection against specific risks including environmental and regulatory liabilities
10. Governing Law: Jurisdiction under England and Wales law and dispute resolution provisions
1. Environmental Provisions: Specific obligations under Environmental Protection Act 1990 and related regulations
2. Employee Matters: TUPE considerations and staff transfer arrangements
3. Tax Matters: Detailed tax arrangements under relevant Finance Acts and petroleum tax regime
4. Transitional Services: Post-completion operational support and regulatory compliance arrangements
1. Asset Schedule: Detailed description of oil and gas assets including license numbers and coordinates
2. Licenses and Permits: List of regulatory approvals, petroleum licenses, and environmental permits
3. Completion Documents: Required documentation including regulatory forms and transfer instruments
4. Environmental Reports: Environmental compliance documentation and impact assessments
5. Warranties Schedule: Detailed warranties covering regulatory compliance and asset condition
6. Excluded Assets: Assets specifically excluded from the sale and associated liabilities
7. Data Room Index: Index of due diligence materials including regulatory and technical documentation
8. Transfer Documents: Forms of transfer documents including license assignments and novation agreements
Relevant legal definitions
Clauses
Relevant Industries
Relevant Teams
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