Description:

Sets out the rights and obligations frequently used by parties in the international petroleum industry in connection with the transfer of petroleum exploration and exploitation rights under a granting instrument in consideration of the performance of work. The Agreement includes alternatives and options on common issues.

This Model Contract set includes:

Farmout Agreement - 2004
Farmout Agreement Guidance Notes - 2004
Farmout Agreement - Term Sheet - 2006
Farmout Agreement - Term Sheet Guidance Notes
Farmout Agreement - Term Sheet - Guidelines and Format Template for Preparation
Farmout Agreement - Term Sheet - Optional Letter of Intent