Joint operating agreements : a consideration of legal aspects relevant to joint operating agreements used in Great Britain and Australia by participants thereto to regulate the joint undertaking of exploration for petroleum in offshore areas, with particular reference to their rights and duties
This thesis examines the joint venture relationship in the context of the exploration phase of the development of an oil and gas field in Great Britain and Australia. It considers a number of issues relating to the relationship between the Participants of a typical Joint Operating Agreement within the legal regimes of Great Britain and Australia. Against this background the main issues addressed in this thesis are- 1. the nature of the joint venture?; 2. the relationship between the Participants inter se; and 3. the relationship between the Operator and the Participants. In addressing these issues the following questions are addressed: - (i) what is a joint venture?; (ii) is a joint venture a separate legal relationship?; (iii) how is a joint venture distinguished from a partnership?; (iv) what is the relationship between the participants inter se?; (v) what rights does a participant of a joint venture have in relation to the joint venture and the other participants of a joint venture?; (vi) what interest, contractural or proprietary, does a participant of a joint venture have in the joint venture and the property thereof?; vii) what duties does a participant of a joint venture have to the joint venture and the other participants of the joint venture?; and (viii) what is the legal position when a participant of a joint venture defaults in complying with its duties?