The Master Deed is often one of the first areas that anyone practising oil and gas asset transfers will encounter, whether this is by training or participating in an active transfer, LOGIC receives regular queries on the processes contained within the Master Deed. This section aims to provide some initial guidance.
Before delving into the specific areas of the Master Deed, it is worth making a few initial observations:
- You will encounter the Master Deed in at least one of three capacities: Disposing Participant; Acquiring Person; or Remaining Participant. If you fall within more than one of these capacities you will need to ensure that you comply with all the requirements for each;
- Since the 20th Licensing Round, DECC (now OGA) have confirmed that pre-emption provisions are no longer permissible within joint operating agreements; and
- Although the Execution Deed within the Master Deed is the most common form of transferring assets, the more traditional assignment and novation process may be used and you will find further details on the OGA website.
This guidance is, however, not expected to be all encompassing. If you have any further queries please do not hesitate to contact LOGIC.