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MODEL PRODUCTION SHARING CONTRACT 2012 BANGLADESH OIL, GAS AND MINERAL CORPORATION (PETROBANGLA) 3 KAREN BAZAAR COMMERCIAL AREA DHAKA1215 Updated on 03.05.2012 CONTENTS Page No. Abbreviations 4 Preamble

How to fill out model production sharing contract

How to fill out a model production sharing contract:

1. Start by reviewing the purpose and objectives of the contract to understand the scope and expectations of all parties involved.
2. Gather all necessary information, such as the names and addresses of the parties involved, project details, and any specific terms or conditions that need to be included.
3. Begin by filling out the introductory clauses, which typically include the date of the agreement, a brief background of the project, and the names of the parties involved.
4. Proceed to complete the definitions section, where you define key terms used throughout the contract to ensure clarity and understanding.
5. Fill in the rights and obligations section, outlining the responsibilities and rights of each party involved. This may include details such as the sharing of costs, production targets, and operational procedures.
6. Include provisions for dispute resolution, detailing the process to be followed in case of disagreements or conflicts between the parties.
7. Fill out the financial provisions section, which outlines the payment terms, including the sharing of profits or expenses.
8. Include any necessary appendices or exhibits, such as maps, budgets, or technical specifications, to support the contract.
9. Review the contract thoroughly to ensure completeness and accuracy, and make any necessary revisions or amendments before finalizing it.

Who needs a model production sharing contract?

1. Oil and gas companies: Model production sharing contracts are commonly used in the oil and gas industry by companies that explore and extract natural resources from specific areas.
2. Government authorities: Countries or regions that possess valuable natural resources often require model production sharing contracts to regulate and manage the exploration and production activities carried out by oil and gas companies.
3. Investors and stakeholders: Individuals or entities investing in production sharing agreements may utilize model contracts to ensure their interests and rights are protected and clearly defined.

Note: The specific parties that require a model production sharing contract may vary depending on the industry, jurisdiction, and project type. It is essential to consult legal and industry experts to determine the applicability and customization of the contract to your specific situation.

For pdfFiller’s FAQs

What is model production sharing contract?

A model production sharing contract is a type of agreement between a government and a company for the exploration and production of natural resources, where the company bears the financial risks.

Who is required to file model production sharing contract?

The company involved in the production sharing contract is required to file the agreement.

How to fill out model production sharing contract?

To fill out a model production sharing contract, detailed information about the project, financial terms, and obligations of both parties must be provided.

What is the purpose of model production sharing contract?

The purpose of a model production sharing contract is to allow companies to explore and produce natural resources in a country without the government having to bear the financial risks.

What information must be reported on model production sharing contract?

Information such as project details, financial terms, production sharing percentages, and obligations of both parties must be reported on a model production sharing contract.

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