The Interpretation of Legal Terms About Contractual Obligations of 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 TERMS ABOUT CONTRACTUAL OBLIGATIONS OF THE PARTIES IN AN OIL OR GAS EXPLORATION/EXTRACTION CONTRACT”
Authors:
Andreou Christos
Georgiou Manolis
Kakanis Iordanis
Skarvelas Stathis
Supervisor: Pr. K. Kalambouka November 2012
ABSTRACT
The purpose of this assignment is to identify the contractual obligations of the parties in oil and gas exploration and extraction contracts. The assignment is based on the contract between Cyprus Government and the authorized company as is approved by the Cypriot Parliament and is harmonized to “Directive 94/22/EC of the European Parliament and of the Council of 30 May 1994 on the conditions for granting and using authorizations for the prospection, exploration and production of hydrocarbons”
Contents
Introduction 4 1. Conditions and requirements for granting authorizations 4 2. General and specific information submitted by the applicant 5 3. Grant of an authorization 5 4. Duration of an authorization for prospection 6 5. Duration of an authorization for exploration 6 6. Relinquishment of area 6 7. Duration of an authorization for exploitation 7 8. Grant of rights to the holders of authorizations 7 9. Transfer of an authorization or assignment of rights arising from an authorization 8 10. Control of a holder of authorization by a third country or a national of a third country 8 11. Work practices 8 12. Directions of the Minister to holders of an authorization in case of contravention of Regulation 11 9 13. Drilling operations 10 14. Protection of the environment 11 15. Construction and maintenance of installations, pipelines and related
MSc in Oil & Gas Technology
“CONTRACT LAW”
“THE INTERPRETATION OF LEGAL TERMS ABOUT CONTRACTUAL OBLIGATIONS OF THE PARTIES IN AN OIL OR GAS EXPLORATION/EXTRACTION CONTRACT”
Authors:
Andreou Christos
Georgiou Manolis
Kakanis Iordanis
Skarvelas Stathis
Supervisor: Pr. K. Kalambouka November 2012
ABSTRACT
The purpose of this assignment is to identify the contractual obligations of the parties in oil and gas exploration and extraction contracts. The assignment is based on the contract between Cyprus Government and the authorized company as is approved by the Cypriot Parliament and is harmonized to “Directive 94/22/EC of the European Parliament and of the Council of 30 May 1994 on the conditions for granting and using authorizations for the prospection, exploration and production of hydrocarbons”
Contents
Introduction 4 1. Conditions and requirements for granting authorizations 4 2. General and specific information submitted by the applicant 5 3. Grant of an authorization 5 4. Duration of an authorization for prospection 6 5. Duration of an authorization for exploration 6 6. Relinquishment of area 6 7. Duration of an authorization for exploitation 7 8. Grant of rights to the holders of authorizations 7 9. Transfer of an authorization or assignment of rights arising from an authorization 8 10. Control of a holder of authorization by a third country or a national of a third country 8 11. Work practices 8 12. Directions of the Minister to holders of an authorization in case of contravention of Regulation 11 9 13. Drilling operations 10 14. Protection of the environment 11 15. Construction and maintenance of installations, pipelines and related