It was announced yesterday that Oil and Gas UK have published a suite of new model agreements, which should speed up the deal-making process for the UK offshore industry. The new agreements include:
- a revised Confidentiality Agreement to assist the sharing of information for sale and asset transfers and in relation to third party access to infrastructure;
- a new Joint Operating Agreement, updated to bring it into line with current practice;
- a Pipeline Crossing Agreement and a Proximity Agreement, which aim to streamline procedures and reduce costs in relation to the construction of pipelines and the carrying out of operations at close range of another's assets; and
- a Decommissioning Securities Agreement, updated to take account of the Energy Act 2008.
These agreements are the result of consultations between experts in the oil and gas industry and other relevant parties. They were created as part of the wider drive for standardisation as a means of improving efficiency in the industry and thereby complete the PILOT Changing Gear initiative.