The mandate of each committee is outlined below. The Board retains overall accountability for the running of the Company and is accountable for making decisions that could have a material impact on the business.
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It discharges this responsibility through the executive management team, which is responsible for the day-to-day management of the operations of the Company. The Board gives strategic direction to the Company.
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The Board retains full and effective control over the Company and monitors executive management in implementing plans, policies, tactics, procedures and strategies. The ultimate responsibility for the Company rests with the Board. The Board retains effective control through a well-developed governance structure of Board subcommittees and suitable delegation of authority. There is a policy evidencing clear balance of power and authority to ensure that no one director has unfettered powers of decision making.
The Board recognises that it is responsible for implementing practices of good governance and that companies no longer act independently from the societies and the environment in which they operate. This course is a valuable starting-point for those students new to the Joint Venture Business and those currently in the business. The learner will gain an understanding of Joint Venture administration by reviewing Petroleum Joint Venture Agreements, the rights and responsibilities within them, industry best practices, oilfield terminology and industry administrative procedures.
Includes nine sections of material and exercises; including, agreement drafting and revision, Operator vs. Non-Operator positions; legal and contractual concerns, effects of operating without an agreement, fee negotiations, production facilities and schematics, and, changes in ownership and working interests. This course considers the analytical side of the relationship of oil and gas joint ventures.
In addition to learning the skills it takes to become an analyst, you will evolve the main functions of a Joint Venture Analyst's workflow and job environment as it relates to the various terms within the agreement and the complexities that drive the governing and secondary joint ventures.
This course takes on more complex joint venture initiatives and reviews the business drivers behind negotiating joint venture agreements, the economics of the joint venture, the purpose of understanding production flow and measurement from wellhead to sales.
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You will leave this course with solid knowledge of agreement terms which give way to tactical negotiation and joint venture management. For the non-engineer, you will learn a broad range of engineering techniques and concepts that affect field development, facilities and operations which, ultimately, roll up to the joint venture team to manage under an agreement. This course is also an in depth look at various Gas Facilities and Oil Facilities; each section comprises Reservoir, Gathering and Processing, Transportation and Marketing of products.
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