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Joint Operating Agreement:

It is defined as a contract between co-tenants or separate owners of oil and gas properties being jointly operated. It is an agreement between two owners or among several concurrent owners for the operation of a leasehold for oil, gas, or other minerals. The agreement calls for the development of the lease or the premises by one of the parties to the agreement, who is designated as operator or unit operator for the joint account. All parties share in the expenses of the operations and in the proceeds resulting from the development.


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A glossary of keywords, acronyms and general terminology used in day-to-day professional work, Oil and Gas. If you would like to add to, edit or comment on this page, please drop us a line at info@oilandgasiq.com




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