This form provides for the reassignment of interests in the event a well is required to be drilled, deepened, reworked, plugged back, sidetracked, or recompleted, or any other operation that may be required in order to (1) continue a Lease or Leases in force and effect, or (2) maintain a unitized area or any portion of it in and to any Oil and/or Gas and other interest which may be owned by a third party or which, failing in the operation, may revert to a third party, or (3) comply with an order issued by a regulatory body
North Carolina Provisions for JOB 82 Revised is a set of regulations and guidelines that govern the Joint Operating Agreement (JOB) in the state of North Carolina. This agreement is specifically designed for oil and gas exploration and production operations. The JOB provides a framework for multiple parties to collaborate and jointly operate oil and gas assets in North Carolina. Under the North Carolina Provisions for JOB 82 Revised, there are several types of agreements that can be established to facilitate joint operations. These agreements include: 1. Exploration JOB: This agreement outlines the terms and conditions for jointly exploring potential oil and gas reserves. It covers activities such as geophysical surveys, drilling, and data sharing among the participating parties. 2. Production JOB: Once oil or gas reserves are discovered, this agreement governs the joint production operations. It sets out the responsibilities and obligations of each party involved in drilling, production, and marketing of the resources. 3. Development and Operations JOB: This type of agreement is applicable when the parties decide to further develop and optimize the oil and gas field's production through additional drilling, infrastructure improvements, or enhanced recovery methods. It specifies the roles, responsibilities, and cost-sharing arrangements among the joint operators. 4. Unitization Agreement: In cases where a significant reservoir extends across multiple leasehold interests, this agreement allows for the creation of a production unit. It establishes the rules for pooling the adjacent leases and sharing production, costs, and revenues proportionately. The North Carolina Provisions for JOB 82 Revised address various aspects related to the joint operations, including governance, decision-making processes, cost allocation, ownership interests, dispute resolution mechanisms, and environmental and safety standards. These provisions aim to ensure efficient and fair collaboration among the parties involved in oil and gas exploration and production activities in North Carolina. In summary, the North Carolina Provisions for JOB 82 Revised offers a comprehensive framework for regulating joint operations in the state's oil and gas industry. The various types of agreements cover different stages of exploration, production, and development, enabling effective cooperation and resource management among multiple stakeholders.North Carolina Provisions for JOB 82 Revised is a set of regulations and guidelines that govern the Joint Operating Agreement (JOB) in the state of North Carolina. This agreement is specifically designed for oil and gas exploration and production operations. The JOB provides a framework for multiple parties to collaborate and jointly operate oil and gas assets in North Carolina. Under the North Carolina Provisions for JOB 82 Revised, there are several types of agreements that can be established to facilitate joint operations. These agreements include: 1. Exploration JOB: This agreement outlines the terms and conditions for jointly exploring potential oil and gas reserves. It covers activities such as geophysical surveys, drilling, and data sharing among the participating parties. 2. Production JOB: Once oil or gas reserves are discovered, this agreement governs the joint production operations. It sets out the responsibilities and obligations of each party involved in drilling, production, and marketing of the resources. 3. Development and Operations JOB: This type of agreement is applicable when the parties decide to further develop and optimize the oil and gas field's production through additional drilling, infrastructure improvements, or enhanced recovery methods. It specifies the roles, responsibilities, and cost-sharing arrangements among the joint operators. 4. Unitization Agreement: In cases where a significant reservoir extends across multiple leasehold interests, this agreement allows for the creation of a production unit. It establishes the rules for pooling the adjacent leases and sharing production, costs, and revenues proportionately. The North Carolina Provisions for JOB 82 Revised address various aspects related to the joint operations, including governance, decision-making processes, cost allocation, ownership interests, dispute resolution mechanisms, and environmental and safety standards. These provisions aim to ensure efficient and fair collaboration among the parties involved in oil and gas exploration and production activities in North Carolina. In summary, the North Carolina Provisions for JOB 82 Revised offers a comprehensive framework for regulating joint operations in the state's oil and gas industry. The various types of agreements cover different stages of exploration, production, and development, enabling effective cooperation and resource management among multiple stakeholders.
