Oil & Gas
is to launch the Decommissioning Cost Provision Deed (DCPD) at an interactive seminar to be held in
tomorrow.
According to a statement, the DCPD is a new industry standard agreement for use by joint venture partners in
Paul Dymond, Oil & Gas UK’s operations director, commented: ‘Even though decommissioning is over a decade away for most installations, the
Used in conjunction with the Joint Operating Agreement (JOA), the DCPD will facilitate agreement between co-venturers on how future decommissioning costs will be covered in new oil or gas projects. It can also be used to provide security arrangements at the time of licensees buying or selling an interest in an asset.
Paul Dymond said: ‘The advice of legal experts has been central to the discussions on the DCPD. Its use should ensure that robust agreements are reached more quickly and with more focus on the commercial, rather than legal, aspects of covering future decommissioning costs.’
The DCPD has been designed as a standard that applies to a field rather than single interests but can be adapted for that use too. Oil & Gas
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