Negotiating Risk-Free Unitization and Joint Development Agreements Summary and Options for Policymakers

This book set out to examine the legal framework for unitization and the underlying unitization and unit operating agreement (UUOA) from international law perspectives. With case studies from petroleum-rich countries across the world, the book explores the latest developments of law, regulations, policies and governance structures on unitization and joint development of oil and gas resources. The chapters highlight the necessity of exploiting petroleum to attain energy security while minimizing waste and examine the benefits of unitization, including lowering production costs, reducing waste, maximizing economic recovery and giving relevant parties a fair share of the common reservoir. The book also provides a comparison of the UUOA and similar arrangements like pooling, joint operating agreements (JOAs) and joint development agreements (JDAs). The various chapters cover current and emerging trends on unitization, and its case studies cut across several continents of the world. This final chapter reviews salient themes that were discussed and identifies directions for future action and research.