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Special Report: Drafting and Negotiating Petroleum Royalty Agreements (eBook)

Peter Roberts

ISBN13: 9781787427990

Published: August 2021

Publisher: Globe Law and Business

Country of Publication: UK

Format: eBook (ePub)

Price: £175.00
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9781787427983

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Petroleum royalty agreements are well understood and widely used in several jurisdictions worldwide, and are increasingly being used in many new jurisdictions as a tool for petroleum project development, financing and divestment. However, they are not always drafted with the necessary rigour, and deficiencies are commonplace.

This Special Report provides an overview of the key issues relating to petroleum royalty agreements (with drafting examples), including:

key forms of royalty agreement (including gross overriding royalties, net profit interests, cash and in-kind royalties)
an explanation of the economic underpinning of royalty agreements
the content and effect of key royalty agreement provisions, and
additional provisions which can be found in royalty agreements

It will be an invaluable guide to legal, commercial and financial professionals engaged in petroleum project financing, development and divestment.

Subjects:: eBooks, Energy and Natural Resources Law

Contents:: Part I. Introduction to royalty interests; 1. The essential elements of a royalty interest; 2. The characterisation of a royalty interest; 3. How a royalty interest comes into existence; 4. The concessionary interests; 5. The produced petroleum; 6. The subject interest; 7. The royalty rate; 8. The economic balance of the royalty interest; 9. The form of execution of a royalty agreement; 10. Mineral interest royalties; Part II. The economic underpinning of royalty interests; 1. The royalty in kind; 2. The cash royalty; 3. The gross overriding royalty (GOR); 4. The net profit interest (NPI); 5. Upstream petroleum granting instrument royalties; Part III. Basic elements of a royalty agreement; 1. Ambit; 2. Audit and inspection; 3. Boilerplate provisions; 4. Duration; 5. Information provision; 6. Governing law and dispute resolution; 7. Performance, breach and liability; 8. Production covenants; 9. Production indemnities; 10. Relationship with the JOA; 11. Statements and payment mechanics; 12. Taxation allocation; 13. Transfers; 14. Warranties; Part IV. Additional provisions in a royalty agreement; 1. Collateral support; 2. Conversion rights; 3. Expropriation protection; 4. Fiduciary duties; 5. Force majeure; 6. Insurance; 7. Management of competing interests; 8. Pooling and unitisation; 9. Redemption rights; 10. Registration; 11. Replacement upstream petroleum granting instruments; 12. Suspension rights; Part V: Related arrangements; 1. Royalty-repaid carry costs; 2. Payout arrangements; 3. Volumetric production payments; 4. Illustrative agreement participation