Author: bomuo

Sediments that have been compacted to the degree that they become into a relatively solid rock. Typical consequences of consolidation include an increase in density and acoustic velocity and a decrease in porosity

Consenting Party, is a party in a JOA who agrees to participate in and pay its share of the cost of an exclusive operation. Non-Consenting Party means each Party who elects not to participate in an Exclusive Operation. Consenting parties have thus to pay the entire cost and liability of conducting any exclusive operation. An exclusion operation includes further operations on a well such as the deepening or sidetracking of a well. JOAs include a host of provisions governing the rights and obligations of non-consenting parties, including their rights to be re-instated, but usually at a high premium cost to the original costs.

Formed by the merger of Conoco and Phillips Petroleum, ConocoPhillips is the #3 integrated oil and gas company in the US, behind Exxon Mobil and Chevron. The expanded company explores for oil and gas in more than 30 countries and has estimated proved reserves of 11.5 billion barrels of oil equivalent, excluding its Syncrude (Canadian oil sands) assets