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REPUBLIC OF CYPRUS MINISTRY OF COMMERCE, INDUSTRY AND TOURISM MODEL PRODUCTION SHARING CONTRACT Nicosia, February 2007 MODEL PRODUCTION SHARING CONTRACT (FEBRUARY 2007) TABLE OF CONTENTS Article 1

How to fill out model production sharing contract

How to fill out model production sharing contract:

1. Start by reviewing the contract template provided. Familiarize yourself with its sections and clauses.
2. Gather all the necessary information related to the production sharing agreement, such as the parties involved, project details, and financial terms.
3. Begin by filling out the introductory sections of the contract, including the names and addresses of the contracting parties, effective date, and contract duration.
4. Proceed to the purpose and scope section, clearly defining the objectives and scope of the production sharing agreement.
5. In the rights and obligations section, outline the specific rights and responsibilities of each party involved. This may include exploration and production activities, cost-sharing arrangements, and reporting requirements.
6. Determine the allocation of production volumes and profits between the parties involved. Specify the percentage or formula used to calculate these distributions.
7. Include provisions for dispute resolution mechanisms, such as arbitration or mediation, in case conflicts arise during the contract term.
8. Add any additional clauses or provisions that are relevant to the specific project or industry. This could include environmental or social responsibility commitments.
9. Once all sections of the contract have been filled out, review it carefully to ensure accuracy and clarity. Seek legal advice if necessary.
10. Both parties involved should sign and date the contract to indicate their agreement and acceptance of its terms.

Who needs a model production sharing contract:

1. Governments or state-owned companies that wish to partner with private entities for the exploration and production of natural resources.
2. Private companies interested in collaborating with governments or state-owned entities to develop oil, gas, or mineral resources.
3. Investors or financing institutions looking to understand the terms and conditions of a potential production sharing agreement before committing funds to a project.

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