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The Interpretation of Legal Terms About Contractual Obligations in the Parties in an Oil or Gas Exploration/Extraction Contract

Kavala Institute of Technology

MSc in Oil & Gas Technology

" CONTRACT LAW”

" THE INTERPRETATION OF LEGAL CONDITIONS ABOUT CONTRACTUAL OBLIGATIONS FROM THE PARTIES WITHIN AN OIL OR GAS EXPLORATION/EXTRACTION CONTRACT”

Creators:

Andreou Christos

Georgiou Manolis

Kakanis Iordanis

Skarvelas Stathis

Supervisor: Pr. K. KalamboukaNovember 2012

SUBJECTIVE

The purpose of this kind of assignment is to identify the contractual responsibilities of the get-togethers in oil and gas exploration and extraction legal agreements. The assignment is based on the contract between Cyprus Authorities and the authorized company as approved by the Cypriot Parliament and is harmonized to " Directive 94/22/EC of the European Parliament associated with the Council of 30 May 1994 on the conditions for granting and employing authorizations pertaining to the prospection, exploration and production of hydrocarbons”

Items

Introduction some 1 . Circumstances and requirements for approving authorizations four 2 . Standard and certain information submitted by the customer 5 three or more. Grant of your authorization a few

4. Duration of an consent for prospection 6

a few. Duration of a great authorization intended for exploration 6th

6. Relinquishment of region 6

7. Duration of an authorization intended for exploitation 7

almost eight. Grant of rights towards the holders of authorizations 7 9. Transfer of an authorization or project of legal rights arising from a great authorization almost eight 10. Control of a holder of authorization by a third country or a national of your third nation 8 eleven. Work procedures 8

12. Directions from the Minister to holders of the authorization in case of contravention of Regulation 10 9 13. Drilling operations10

14. Safeguard of the environment11

15. Construction and repair of installations, pipelines and related equipment12 sixteen. Measurement of hydrocarbons14

17. Authorized officers15

18. Product development16

19. Records17

twenty. Reports17

21 years old. Hydrocarbons production records19

22. Obligations in case there is termination of an authorization20 23. Confidentiality20

twenty-four. Powers in the Court for seizure and confiscation21 twenty-five. Abandonment21

dua puluh enam. Abandonment in the well22

twenty seven. References23

LAUNCH

Oil and gas deals are designed by nationwide and international laws that relate to common industry ventures. � With standardized deals being used throughout different jurisdictions, it is important that these legal rules are correctly understood. � The increasing scarcity of natural solutions makes it more, rather than significantly less, likely that legal issues will be tested inside the oil and gas sector. The more rapid pace of change in the oil and gas market make this one of the world's most challenging and complex sectors in which to comprehend, draft and negotiate legal agreements. The legal and regulatory framework of upstream coal and oil industry contracts is constantly changing, therefore it is crucial that all attorneys, commercial and contracts managers working in this sector are up-to-speed.

OBLIGATIONS

Conditions and requirements for approving authorizations

1) The authorizations can be granted upon such conditions and requirements in order to ensure: a) the right performance in the activities permitted by the authorization b) the financial contribution in money or a contribution in hydrocarbons c) countrywide security

d) public basic safety

e) public health

f) security of transfer

g) protection in the environment pursuant to section 11 plus the terms specific in the Regulations made below this Regulation h) safeguard of biological and vitamin resources along with national pieces possessing artistic, historic or perhaps...

09.08.2019

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