Offshore staff

ABERDEEN, UK --Oil & Gas UK has introduced a new joint operating agreement (JOA) for oil and gas fields on the UK continental shelf.

Most of these fields are owned jointly by several companies, and the agreement sets out their respective shares. It also clarifies the ways in which they will work to operate their offshore assets; share and account for costs and revenues; and handle the eventual decommissioning.

Two industry work-groups addressed the JOA's content, coordination with the recently launched decommissioning cost provision deed, and the accounting guidelines.

"The standard JOA has been updated to reflect the new regulations and practices which have been enforced over the last five years and to rectify some inconsistencies within the document," Oil & Gas UK's operations director, Paul Dymond, says.

12/12/2007