AIPN Publishes 2012 Version of Joint Operating Agreement

AIPN Publishes 2012 Version of Joint Operating Agreement

Houston (March 15, 2012) – The Board of Directors of the Association of International Petroleum Negotiators (AIPN) has published the 2012 version of its Model International Joint Operating Agreement (JOA).

“The 2012 version is the first revision of the AIPN’s JOA in 10 years,” said AIPN President Pablo Alliani (Alliani & Bruzzon Abogados). “The new version takes into account evolving industry practices over the past decade. Its publication is an important development for the international petroleum industry.”

The AIPN’s JOA is the most widely used joint operating agreement in the international upstream oil and gas industry. It was first published by the AIPN in 1990 and last revised in 2002.

“The publication of the 2012 AIPN JOA is the conclusion of four years of work by a drafting committee comprised of more than 180 industry representatives from five continents,” said Michael Josephson (Nexen Inc.), AIPN’s Vice-President of Model Contracts. The effort was led by co-chairs, Jim Barnes and Garry Howe.”

“The co-chairs and their committee held more than 40 meetings and four workshops in several countries around the world in order to consult with industry representatives on the contents of the new JOA.”

Workshops to introduce the 2012 JOA will be led by the co-chairs, Jim Barnes (Barnes & Cascio LLP) and Garry Howe (Noble Energy Inc.), April 18 in Washington D.C., in conjunction with the AIPN’s Spring Conference, and June 4 in Miami at the AIPN’s Model Contracts Workshop. Workshops in other countries are also being planned.

The 2012 revised JOA is the latest in a series of hydrocarbon-related model contracts published by the AIPN to facilitate the negotiation of energy transactions around the globe. The JOA, Guidance notes to the JOA, and other model contracts can be found at the AIPN’s Web site, www.aipn.org.