What is a operator in oil and gas?
In the Oil and Gas industry, Operator means the individual, company, trust, or foundation responsible for the exploration, development, and production of an oil or gas well or lease. Generally, it is the oil company by whom the drilling contractor is engaged.
What is a operator in the oil field?
Field operators generally start up and stop equipment, take pressure and flow readings, compute and record data, adjust valves/pressures, and examine and repair equipment. Like a plant operator, they may also deal with compressors or dehydrators within their field run. They may also manage oil batteries.
What is non operated working interest?
A non-operated working interest member is not involved in daily operations but is consulted on production decisions. The well operator, after operating expenses have been covered, divides any additional funds between those holding a working interest, creating the source of income.
What is a non operated joint venture?
A large proportion of joint ventures are non-operated, meaning that while a company may have an equity interest in the joint venture, it does not operate or control the day-to-day operations of the business or asset.
What does the += operator do?
The addition assignment operator ( += ) adds the value of the right operand to a variable and assigns the result to the variable. The types of the two operands determine the behavior of the addition assignment operator. Addition or concatenation is possible.
What is a company operator?
1. company operator – an operator who works for a company. manipulator, operator – an agent that operates some apparatus or machine; “the operator of the switchboard”
What does an operator do at a gas plant?
Gas plant operators run compressor equipment along pipelines used by utility companies to distribute and process gas. They maintain the all-important specified pressures within the pipelines.
How is oil and gas working interest calculated?
Multiply each investment by the percentage of profit: Joe, royalty owner – 15% * 80% = 12% NRI. John, working interest – 10% * 80% = 8% NRI. Larry, overriding royalty – 5% * 80% = 4% NRI.
What is royalty interest in oil and gas?
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
What is a non operator?
A non-operator or non-op is a junior participant of a joint venture formed between two E&P companies. A non-op has a minor role in the field management and joint venture operations but shares the revenues and expenses of the joint venture.
What is an operated joint venture?
A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a JV, each of the participants is responsible for profits, losses, and costs associated with it.
What is an operator in oil and gas law?
Operator (Oil and Gas) Law and Legal Definition. In the Oil and Gas industry, Operator means the individual, company, trust, or foundation responsible for the exploration, development, and production of an oil or gas well or lease. Generally, it is the oil company by whom the drilling contractor is engaged.
What is a non-operating working interest?
Non-Operating Working Interest means a working interest in any oil and natural gas lease held by a party who is a non – operator with respect to such oil and natural gas lease. Non-Operating Working Interest means a “ co – owner of the working interest ” in an oil, gas or other mineral property.
What is the role of a non-operator company in a project?
A company will take on the operator role by working the field and constructing or managing the infrastructure in a given area, and another company will assume a non-operator role by providing capital so that each player is mutually benefited.
What is a secondary term on an oil and gas lease?
Secondary term: The term of an oil and gas lease in which the lease is held in force after expiration of the primary term. Production, operations, continuous drilling, and/or shut-in royalty payments are often used to extend an oil and gas lease into its secondary term.