The operator must communicate to the parties the annual work programme and the budget containing information on the proposed joint actions and the estimated costs to be charged to the Community account for that year. To support this limitation of liability, joa 2012 provides for compensation to the operator for losses resulting from joint operations. This reflects the usual business position that an operator approves its activities on behalf of all partner companies and should not win or lose because it is the operator. One of the main objectives of AIPN is to establish model contracts that are widely accepted and used in the international energy sector. These contracts are tools for the negotiator that serve as a starting point for negotiation and significantly reduce the time it takes to conclude a transaction. Although not included in the OJA 2012, the guidance notes contain a proposal to extend the 2002 OJA provisions as regards the participation of NOCs. The guidelines contain possible language for a nok-carry provision that could be included either in the OJA 2012 or in a separate agreement. The proposed wording provides for a scenario in which non-NOC participants would fund certain work on behalf of the NOC, with reimbursement of this transfer (funding) being made from a portion of the NOC`s share in proven hydrocarbon reserves. The JOA, revised in 2012, is the latest in a series of standard hydrocarbon-related contracts published by the fningo to facilitate the negotiation of energy transactions around the world.
The JOA, the OJA Guidelines and other types of contracts are available on the official AI website, www.aipn.org. The approval by the works council of a work programme and a budget empowers the operator to present the work programme and the government budget if necessary. Subject to the approval of the Government, the operator may conduct joint operations in accordance with the approved work programme and budget. The limitation of the operator`s liability does not apply to circumstances in which loss or damage is caused by gross negligence or intent of the operator (or chief supervisor) of the operator or wilful misconduct. The 2012 JOA maintains the optional provisions allowing joint ventures to choose whether and to what extent the operator`s liability will be limited in such circumstances. However, the specific conditions of each JOA should be assessed in depth and modified in the light of the legal circumstances and the commercial, legal and technical requirements of the parties to the joint venture and the asset concerned. contains further provisions and optional provisions on a number of issues in order to provide maximum flexibility for parties negotiating a UUOA on the basis of the model form of the opening AI. . . .