The joint operating agreement (JOA) is the "constitution" which governs a joint venture for the exploration of oil and under which exploratory operations are carried out. Practitioners can rely on this revised edition to provide detailed discussion of the legal relationship that a JOA creates between parties. It includes: * an update on licensing rounds to the time of writing * a substantially revised chapter on abandonment of facilities and provision of security therefor * reference to the 1990 Model from International Operating Agreement, the EC Utilities Directive, the Law Commission's review of privacy of contract and the Guidelines on abandoning facilities * coverage of the regulations for onshore licences * clarification of the law on assignment in breach of contractual restrictions on assignment * an update and additional detail on unitisation and unit operating agreements * a model Joint Operating Agreement based on the BNOC pro-forma and standard industry practice Full consideration has been given to case law with particular focus placed on cases relevant to default, assignment and fiduciary duties.

The text also reflects progress in the implementation of the Petroleum Act 1987 and the policy of the Department of Trade and Industry with respect to this area. * Includes a model JOA to be used by readers * Covers new regulations for onshore licences * Clarifies the law on assignment in breach of contractual restrictions on assignment * The text will be useful to both the newcomer and the more experienced practitioner