Oil & gas. A contract under which the lease operator hires a drilling rig and oilfield workers, pays an amount based on the time spent in drilling operations, and retains the right to direct drilling operations. • This type of contract gives the lease operator broad control over the drilling contractor, so courts in turn […]
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Oil & gas. A well-drilling agreement between a drilling contractor, who owns drilling rigs and associated equipment, and the owner or lessor of the mineral rights. • The contract spells out the rights and duties of the parties. In general, the more control the interest-owner retains over the contractor, the more liability the owner is
Oil & gas. A drilling contract under which the drilling contractor is paid to drill to a specified formation or depth, is paid a set amount per foot drilled, and is given broad control over how to do the work. • The risk of unexpected delays, as well as most liabilities, is on the contractor
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drilling contract. Oil & gas. A well-drilling agreement between a drilling contractor, who owns drilling rigs and associated equipment, and the owner or lessor of the mineral rights. • The contract spells out the rights and duties of the parties. In general, the more control the interest-owner retains over the contractor, the more liability the
Oil & gas. A drilling contract under which the drilling contractor promises to perform specified functions for an agreed price. • The lease operator has little or no discretion to control the drilling contractor, and so assumes little or no liability for damages that the drilling may cause. Cf. daywork drilling contract; footage drilling contract.
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daywork drilling contract 日工开采合同；按开采时间付酬合同 指按承揽方从事开采工作的时间计酬的合同。
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operating agreement. Oil & gas. A contract among owners of the working interest in a producing oil or gas well setting forth the parties’ agreements about drilling, development, operations, and accounting.
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support agreement. Oil & gas. A contract between people or entities in the oil-and-gas industry to promote exploratory operations. • Generally, one party agrees to contribute money or property to another if the other will drill a well on leases that it holds and provide the contributing party with information from tests conducted. For the