Understanding Legal Terminologies in Oil and Gas Act: A Guide

The Oil and Gas Act of Papua New Guinea (PNG) is a law that governs the exploration, production, and development of oil and gas resources in the country. Here are some of the legal terminologies used in the Act and their meanings:

"Petroleum" - a natural resource consisting of crude oil, natural gas, and other hydrocarbons.

"Petroleum agreement" - a legal agreement between the State and a contractor that outlines the terms and conditions for exploring, developing, and producing petroleum resources.

"Petroleum project" - a project that involves the exploration, development, and production of petroleum resources.

"Contractor" - a company or individual that enters into a petroleum agreement with the State to explore, develop, and produce petroleum resources.

"State" - the government of Papua New Guinea.

"Petroleum reserve" - the estimated amount of petroleum resources that can be economically produced from a given area.

"Production sharing contract" - a type of petroleum agreement where the contractor shares the production of petroleum resources with the State.

"Joint venture agreement" - an agreement between two or more parties to jointly explore, develop, and produce petroleum resources.

"Environmental impact assessment" - a study conducted to assess the potential environmental impacts of a petroleum project.

"Surface landowner" - the owner of the land on the surface where a petroleum project is located.

"Minister" - the Minister responsible for petroleum under the Oil and Gas Act.

"Operator" - the company or individual responsible for the day-to-day operations of a petroleum project.

Location: Waigani, Port Moresby, Papua New Guinea

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