When the deal was announced earlier this week, GNPC said JOA was marking the National Oil Company`s first participation as an oil licensing partner in Gambia`s history. GNPC, as a state licensee, received a 10% stake in the license. The JOA defines the operational limits of the BP-GNPC relationship. The standard forms do not contain all the provisions required by the parties to offshore operations. In addition, the forms contain a number of provisions that must be supplemented by the insertion of appropriate periods, dollar amounts, party figures, etc., and each party must establish appropriate supplements for its particular situation or application. Users of these standard forms or parties or variants should seek legal advice to ensure that the agreement reflects the parties` actual intent and is appropriate under the applicable conditions. The use of the form, part or modification of the form is done at the sole discretion, risk and responsibility of the users. The External Continental Shelf Advisory Board rejects any interest or liability in the event of loss or damage resulting from the use of or modifications to the forms or parties. Chevron, through its subsidiary Cabinda Gulf Oil Company Ltd, holds a 39.2% interest in the Mafumeira Norte project off the coast of Angola, as shown here.
Chevron acts as the group`s operator, which also includes SONANGOL, Total and ENI. It is not a controversial subject, but because I had so many agreements at my fingertips, I did a survey on the choice of the law. It was pretty tight between Texas and Louisiana, Louisiana winning with a small lead. These events had a direct impact on negotiations with the IOCs, but the favourable conditions for the host countries could not be achieved, as they still lacked the knowledge and skills to exploit their underground reserves. Negotiations ended when the idea of “participation agreements” (PAs) was launched in order to achieve a middle ground. These P.A.s can be considered precursors of modern common enterprise agreements, as they had the same elements as the JOAs. These terms are generally not controversial. The problem lies in definitions. Many agreements have these three definitions, and their uses are all combined. These three definitions are useful, but must be used correctly and separately.