Nigeria Oil And Gas Concessions Map And Licenses For Business

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I suspect that it is not obvious to nonpractitioners in the oil and gas business what the terms 'farm-out' and 'farm-in' mean. Apparently, these terms of art derived from a nineteenth century American practice in which sharecroppers were given an opportunity to earn a living by working land for farmers in return for a share in the proceeds of the crops. Farm-out defined. The established textbook on oil and gas, Daintith & Willoughby –United Kingdom Oil and Gas Law (Second Edition), has the following definition: 'A farm-out is an agreement whereby a third party agrees to acquire from one or more of the existing licensees an interest in a production licence, and in the operating agreement relating to it, for a consideration which, in oil industry practice, will normally consist of the carrying out of a specified work obligation, known as the earning in obligation, used in the drilling of one or more wells.'

Nigeria Oil and Gas Map Concessions & Licenses. Nigeria Oil And Gas Concessions Map And Licenses Definition. The definition of the territorial sea has brought relief from conflicting claims. 431 million barrels a day in Nigeria. Oil & Gas Journal interviews industry.

In the notes for editors to the text of a Department of Energy (before it was taken over by the Department of Trade and Industry) press release dated 27 th November 1990 entitled 'New Statement on Guidelines for Oil and Gas Farm-in Deals', farm-ins are described as follows: ' Farm-ins are the oil industry term for deals where a company, not at present a licensee on a particular licensed area, can acquire an interest from one of the existing licensees. The transfers of interest are generally made in return for exploration or other commitments, for exchanges of licence interests, or for cash'.

The Nigerian Petroleum (Amendment) Decree 1996 (Decree No. 23) provides that 'farm-out' means ' an agreement between the holder of an oil mining lease and a third party which permits the third party to explore, prospect, win, work and carry away any petroleum encountered in a specified area during the validity of the lease'. You will see therefore that farming-in is a way of acquiring a licence interest and, conversely, farming-out is a way of disposing of a licence interest. In this article, I am using the term 'licence interest' or 'concession interest' loosely to include the bundle of rights which a participant in an oil and/or gas venture owns.

Other Acquisition Methods Touching briefly on the other methods of buying and selling licence interests, these are as follows:- • Share Acquisitions. In terms of documentation this is usually an easier method of acquiring a licence interest because the buyer is acquiring the shares in the company which owns the licence interest. On the other hand, with an acquisition of assets, there will be a whole raft of documentation (which will increase depending on the number of licence interests that are being transferred), including assignments of interests, assignment of licence, novations of operating agreements, transportation agreements, pipeline agreements, lifting arrangements, oil and gas sales contracts, novations or amendments of unitisation agreements (if the field has been unitised) etc. If the buyer decides to make a share acquisition the nature of the acquisition will depend on the form of the target. If the company is a private company then a relatively straightforward private company acquisition can take place if the shareholders of the target company are willing to sell, although in practice the mechanics of the transaction, as opposed to the legal issues, will be more complex the more widely spread the shareholding in the company is.