Joint Operating Agreements: A Comparison Between the IOC and NOC Perspectives, Second Edition

The book analyzes the critical concerns and challenges that IOCs and NOCs face in this new type of consortium and suggests alternative solutions to find common ground between these parties. It is divided into three chapters, each with analysis from the perspectives of four different types of company, and updates the previous content to address new hot issues like compliance, conflict of interests, corporate and social responsibility, and price volatility.

Format: Hardback
Length: 351 pages
Publication date: 15 February 2022
Publisher: Globe Law and Business

Historically, the oil and gas upstream sector has been open to foreign investment, with national oil companies (NOCs) holding a significant majority of natural resources. However, in recent decades, there has been a trend towards nationalization, leading to the concentration of these resources in the hands of NOCs. As a result, independent oil companies (IOCs) are increasingly engaging with NOCs as partners in joint operating agreements (JOAs).

The JOA was initially designed as a private document to govern the relationships between private investors. However, recent developments under local laws have mandated the involvement of NOCs at certain stages of the JOA. Moreover, many NOCs are now operating internationally, expanding their reach beyond national borders. This has implications for JOAs, as they are likely to be affected by the participation of public or semi-public entities.

In response to these challenges, this comprehensive work examines the critical concerns and challenges faced by IOCs and NOCs in this new consortium arrangement. It aims to provide alternative solutions to bridge the gap between these parties and foster mutual understanding. The book is structured into three chapters, covering supervision and conduct of operations, financial and accounting issues, and other relevant provisions of the agreement. Each chapter includes analysis from the perspectives of four different types of companies: large IOCs, large NOCs, young IOCs, and young NOCs. This multi-faceted approach aims to provide a comprehensive picture of the JOA from the perspectives of all players in the oil and gas industry, ranging from small to large companies and private to public entities.

In this updated edition, written by three esteemed experts in the industry, the previous content is thoroughly revised and updated to address emerging hot issues such as compliance, conflict of interests, corporate and social responsibility, and pricing. The book serves as a valuable resource for professionals, policymakers, and students interested in the dynamics of the oil and gas industry, particularly in the context of joint operating agreements and international partnerships.

Weight: 664g
Dimension: 345 x 162 x 26 (mm)
ISBN-13: 9781787424388
Edition number: 2 New edition