operating agreementglossary / OPERATING AGREEMENT 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. 词条贡献者 资深译员文楷,毕业于亚洲一流的高级翻译学院,擅长翻译各类与电信、媒体和技术相关的法律文件。