Get the free MODEL PRODUCTION SHARING CONTRACT 2008 - petrobangla org

MODEL PRODUCTION SHARING CONTRACT 2012 BANGLADESH OIL, GAS AND MINERAL CORPORATION (PETROBANGLA) 3 KAREN BAZAAR COMMERCIAL AREA DHAKA1215 CONTENTS Page No. Abbreviations 4 Preamble 5 Article 1 Definitions

How to fill out model production sharing contract

How to fill out a model production sharing contract?

1. Begin by reviewing the template: Familiarize yourself with the model production sharing contract template provided by your organization or legal team. Understand its structure, key sections, and the information it requires.
2. Gather relevant information: Collect all necessary information and data related to the project or production sharing agreement. This may include details about the parties involved, their roles and responsibilities, project objectives, financial arrangements, and any specific operational or contractual terms.
3. Identify the parties: Clearly identify the parties involved in the contract, including the party responsible for the production and the party with whom the production is being shared. Include complete legal names, addresses, and contact information for each party.
4. Define roles and responsibilities: Clearly outline the roles and responsibilities of each party involved in the contract. Specify the obligations, rights, and any limitations on each party, ensuring that they are reflected accurately in the contract.
5. Specify the financial terms: Discuss and agree upon the financial terms of the production sharing contract. This may include details on the cost structure, profit-sharing arrangements, royalty payments, cost recovery mechanisms, and any other financial provisions relevant to the project.
6. Include performance targets: If applicable, include specific performance targets or milestones that need to be achieved during the production sharing agreement. Clearly define the criteria for measuring performance and the consequences for not meeting the targets.
7. Address intellectual property rights: Specify the ownership and use of intellectual property rights related to the production. Clarify whether any new intellectual property developed during the project will be shared or remain the property of a specific party.
8. Include dispute resolution mechanisms: Determine the process for resolving any potential disputes or disagreements that may arise during the term of the contract. Include a clause specifying the preferred method of dispute resolution, whether it be negotiation, mediation, arbitration, or litigation.
9. Seek legal advice: It is advisable to consult with legal experts or seek professional advice to ensure that the model production sharing contract is accurately completed and legally binding. This will help identify any potential pitfalls or provisions that may require further attention or customization.

Who needs a model production sharing contract?

1. Oil and gas exploration companies: Companies involved in exploring and developing oil and gas reserves often require a model production sharing contract to establish the rights, obligations, and financial arrangements between the company and the host government or other relevant parties.
2. Governments and regulatory authorities: Governments and regulatory bodies that grant licenses or concessions for the exploration and production of natural resources may use a model production sharing contract as a standardized template to ensure consistency, transparency, and fairness in their agreements with companies.
3. Joint venture partners: When multiple companies join forces to undertake production sharing agreements, a model production sharing contract can serve as a starting point for establishing the terms and conditions of their partnership, including the sharing of risks, costs, and profits.
4. Contractors and service providers: Contractors or service providers engaged in the extraction and production of natural resources may require a model production sharing contract to define their rights, responsibilities, and payment terms when working on a project.
5. Legal and financial advisors: Lawyers, consultants, or professionals providing legal or financial advice to companies or governments involved in the exploration and production of natural resources may use a model production sharing contract as a reference tool to guide their clients in drafting or reviewing contracts.

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What is model production sharing contract?

A model production sharing contract is a type of agreement between a government and a private company for the exploration and production of natural resources.

Who is required to file model production sharing contract?

The private company involved in the exploration and production of natural resources is required to file the model production sharing contract.

How to fill out model production sharing contract?

The model production sharing contract should be filled out following the guidelines and regulations set forth by the government and the specific industry.

What is the purpose of model production sharing contract?

The purpose of a model production sharing contract is to lay out the terms and conditions of the partnership between the government and the private company for the exploration and production of natural resources.

What information must be reported on model production sharing contract?

The model production sharing contract must include details on the resources being explored, the responsibilities of each party, the revenue sharing arrangement, and any other relevant information.

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