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Joint Property and Joint Ventures; the Laws of Unintended Consequences
Reg Fowler, Senior Legal Counsel, Shell International, UK
This article examines how joint property is legally held by participants in an upstream oil and gas joint venture. Using the examples of English law and Kazakh law, it makes the point that it is increasingly difficult to rely upon the traditional unincorporated joint venture structure or to organise the ownership and management of joint property in terms of a trust. Subject to tax and investment protection considerations, much can be said for the simplicity of locating the joint venture's property in a special purpose operator vehicle, using it not only as custodian of joint property but also as outright titleholder.
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Senior Legal Counsel Atlantic Richfield 1996-2000 Legal Counsel Agip (UK) Ltd. 2000-01 Senior Legal Counsel Shell Trading 2001-08 Senior Legal Counsel, Shell International, Upstream Non-Operated Joint Ventures 2008 to date
Royal Dutch Shell plc is one of the largest integrated global oil & gas companies with 92 000 employees, present in 70 countries and producing 3.2 million barrels of oil equivalent per day.
Area of Law
Vol. 8, No. 31, Spring 2015
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