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
The Virgin Islands Provisions for JOB 82 Revised is a comprehensive set of regulations and guidelines that govern the operations and management of joint operating agreements (Jobs) in the Virgin Islands. These provisions are essential for ensuring transparency, fairness, and accountability in the oil and gas industry. The JOB 82 Revised provisions cover a wide range of aspects related to exploration, development, production, and abandonment of oil and gas fields in the Virgin Islands. They outline the rights and obligations of the parties involved, which typically include operators, non-operators, and working interest owners. Here are some key keywords and their explanations related to the Virgin Islands Provisions for JOB 82 Revised: 1. Joint operating agreement (JOB): A contractual agreement between two or more parties to jointly execute and manage an oil and gas project while sharing costs, risks, and benefits. 2. Virgin Islands: A group of islands located in the Caribbean Sea, divided into the U.S. Virgin Islands and the British Virgin Islands. 3. Regulations: Rules and guidelines set forth by the government or regulatory authorities to control and monitor specific industries and activities. 4. Operations: Activities involved in the exploration, development, production, and abandonment of oil and gas fields. 5. Management: The process of overseeing and controlling the activities, assets, and resources related to oil and gas operations. 6. Transparency: The principle of providing clear and accessible information to all parties involved and promoting open communication and accountability. 7. Fairness: The quality of being just and unbiased, ensuring that all parties are treated equally and in accordance with the agreed-upon terms. 8. Accountability: The obligation to take responsibility for one's actions and adhere to rules, regulations, and contractual obligations. 9. Oil and gas industry: The sector responsible for the exploration, extraction, refining, transportation, and marketing of oil and gas resources. 10. Exploration: The process of searching for potential oil and gas reserves through geological surveys and drilling activities. 11. Development: The phase following exploration where discovered reserves are assessed, and infrastructure is built to facilitate production. 12. Production: The extraction of oil and gas resources from the ground and their subsequent processing for commercial use. 13. Abandonment: The process of permanently sealing and closing oil and gas wells and facilities when they are no longer productive or economically viable. It is important to note that specific provisions and regulations may vary depending on the version or revision of JOB 82. The exact terms and conditions outlined in the document may also be subject to negotiation and customization by the parties involved.The Virgin Islands Provisions for JOB 82 Revised is a comprehensive set of regulations and guidelines that govern the operations and management of joint operating agreements (Jobs) in the Virgin Islands. These provisions are essential for ensuring transparency, fairness, and accountability in the oil and gas industry. The JOB 82 Revised provisions cover a wide range of aspects related to exploration, development, production, and abandonment of oil and gas fields in the Virgin Islands. They outline the rights and obligations of the parties involved, which typically include operators, non-operators, and working interest owners. Here are some key keywords and their explanations related to the Virgin Islands Provisions for JOB 82 Revised: 1. Joint operating agreement (JOB): A contractual agreement between two or more parties to jointly execute and manage an oil and gas project while sharing costs, risks, and benefits. 2. Virgin Islands: A group of islands located in the Caribbean Sea, divided into the U.S. Virgin Islands and the British Virgin Islands. 3. Regulations: Rules and guidelines set forth by the government or regulatory authorities to control and monitor specific industries and activities. 4. Operations: Activities involved in the exploration, development, production, and abandonment of oil and gas fields. 5. Management: The process of overseeing and controlling the activities, assets, and resources related to oil and gas operations. 6. Transparency: The principle of providing clear and accessible information to all parties involved and promoting open communication and accountability. 7. Fairness: The quality of being just and unbiased, ensuring that all parties are treated equally and in accordance with the agreed-upon terms. 8. Accountability: The obligation to take responsibility for one's actions and adhere to rules, regulations, and contractual obligations. 9. Oil and gas industry: The sector responsible for the exploration, extraction, refining, transportation, and marketing of oil and gas resources. 10. Exploration: The process of searching for potential oil and gas reserves through geological surveys and drilling activities. 11. Development: The phase following exploration where discovered reserves are assessed, and infrastructure is built to facilitate production. 12. Production: The extraction of oil and gas resources from the ground and their subsequent processing for commercial use. 13. Abandonment: The process of permanently sealing and closing oil and gas wells and facilities when they are no longer productive or economically viable. It is important to note that specific provisions and regulations may vary depending on the version or revision of JOB 82. The exact terms and conditions outlined in the document may also be subject to negotiation and customization by the parties involved.
