05.07.2009
A tool run into the wellbore to retrieve junk from the bottom of the hole or stuck in the well
Anything which is in the wellbore and is not supposed to be there or is stuck in the well
If parties agree to be jointly liable, they are each liable to the full extend of their undertaking. Namely each party is fully liable for the financial undertakings incurred in case the other party is not able to meet its obligations. The opposite to this is several liability
This is a hybrid of “jointly liable” and “severally liable”. Namely, vis-?-vis the claimant each party is responsible for the full amount, but amongst themselves they have agreed to several liability, meaning that they can pursue the other party to pay their share of the liability
Oil companies generally participate in oil and gas projects through their equity share in a joint venture, usually unincorporated. The relationship between the companies is governed by a joint venture agreement
Sets out the rights and obligations of the parties that have a license (exploration, drilling) amongst themselves. The scope of the JOA is to cover all joint activities from the license award to the termination or surrender of the license and the abandonment of all joint property. It therefore formally creates the joint venture, sets up the joint account, enables joint exploration, appraisal and development of acreage and provides for the satisfaction of license obligations. It deals with producing and lifting of the petroleum and usually enables joint transportation and processing efforts