An oil and gas joint venture contract is a legal document drafted when two companies or individual dealing with oil and gas business enters into a joint venture to produce or distribute oil and gas. The terms and conditions of the joint venture business are mentioned in the contract. The contract also acts as a documentary evidence for both the parties.
Sample Oil and Gas Joint Venture Contract
Oil and Gas Joint Venture Contract Number: A5212
Effective date from which the contract begins: 20th of February 2011
This contract is being drafted and entered into between
Saddam Hussein Oil Corporation with head office at:
824 Sand Dune Road
North Dakota, New Carolina 46563
Gorge Bush Gas Limited with head office at:
41 Render high Road,
Washington DC, North Carolina 8521
to enter into a joint venture for distribution and production of oil and gas.
Following mentioned are the promises and covenants prepared with the approval of both the parties:
- 50% of shares of Saddam Hussein Oil Corporation will be owned by Gorge Bush Gas Limited.
- Both the parties have to bring in a capital amount of $5 million each.
- All the wells should be located within one hundred kilometer of the manufacturing unit.
- The contract validity ends on 20th of February, 2013. Either of the parties can cancel the contract at any point of time after paying the penalty amount.
The signature of both the parties is mentioned below:
Signature of party 1: Signature of party 2:
Saddam Hussein Gorge Bush
(CEO, Saddam Hussein Oil Corporation) (CEO, Gorge Bush Gas Limited)