The Purchase And Sale Agreement Oil And Gas is a crucial document used in Australian oil and gas asset transactions, whether for individual assets, multiple facilities, or company interests. It's specifically designed to comply with Australian federal and state regulations while addressing industry-specific requirements. The agreement is typically used when companies are divesting or acquiring oil and gas assets, requiring detailed consideration of permits, licenses, environmental obligations, and native title rights. It includes comprehensive provisions for asset valuation, due diligence findings, regulatory approvals, and operational transition. The document structure accommodates both onshore and offshore assets, incorporating relevant provisions from the Offshore Petroleum and Greenhouse Gas Storage Act 2006 and state-specific petroleum legislation. This agreement type is essential for major resource transactions in Australia's energy sector, requiring careful consideration of both commercial and regulatory aspects.
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1. Parties: Identification of buyer, seller and any guarantors
2. Background: Context of the transaction, including asset overview and transaction purpose
3. Definitions and Interpretation: Defined terms, interpretation rules, and reference standards
4. Sale and Purchase: Core transaction terms including assets being sold and purchase price
5. Conditions Precedent: Required approvals, consents and conditions before completion
6. Pre-Completion Obligations: Parties' obligations between signing and completion, including conduct of business
7. Completion: Completion mechanics, deliverables, and timing
8. Purchase Price and Adjustments: Payment terms, adjustments mechanisms, and accounting procedures
9. Seller Warranties: Seller representations about the assets, operations, and compliance
10. Buyer Warranties: Buyer representations about authority and capability to complete transaction
11. Tax Matters: Tax treatment, allocations, and indemnities
12. Environmental Matters: Environmental liabilities, indemnities, and compliance obligations
13. Indemnities: General indemnification provisions and procedures
14. Confidentiality and Announcements: Information handling and public communications
15. Dispute Resolution: Dispute handling procedures and governing law
16. General Provisions: Standard boilerplate provisions including notices and amendments
1. Employee Matters: Used when transaction includes transfer of employees, covering employment terms and liabilities
2. Joint Operating Agreement: Required when asset is subject to joint venture arrangements
3. International Trade Compliance: Needed for cross-border transactions or international operations
4. Native Title and Cultural Heritage: Required when assets affect indigenous lands or cultural sites
5. Decommissioning Obligations: Important for mature assets or when decommissioning obligations are significant
6. Transition Services: Used when seller will provide post-completion operational support
7. Carbon Credits and Environmental Permits: Required when carbon credits or significant environmental permits are involved
8. Maritime and Shipping Provisions: Needed for offshore assets or LNG shipping arrangements
1. Asset Description: Detailed technical description of assets, including maps and coordinates
2. Permits and Licenses: List and copies of all relevant governmental authorizations
3. Reserved Matters: List of actions requiring buyer consent during pre-completion period
4. Completion Obligations: Detailed checklist of completion deliverables and actions
5. Purchase Price Adjustments: Detailed methodology for price adjustments and worked examples
6. Material Contracts: List and copies of key operational and commercial agreements
7. Environmental Reports: Summary of environmental assessments and known issues
8. Employee Information: Details of transferring employees and employment terms
9. Form of Transition Services Agreement: Draft agreement for post-completion services
10. Working Capital Calculation: Methodology and target working capital calculations
11. Deed of Assignment: Form of assignment documents for permits and contracts
12. Disclosure Letter: Seller's qualifications to warranties
Relevant legal definitions
Clauses
Relevant Industries
Oil and Gas
Energy
Natural Resources
Mining
Infrastructure
Private Equity
Investment Banking
Environmental Services
Relevant Teams
Legal
Finance
Commercial
Operations
Environmental
Risk Management
Compliance
Technical
Business Development
Corporate Development
Due Diligence
Treasury
Tax
Regulatory Affairs
Relevant Roles
Chief Executive Officer
Chief Financial Officer
General Counsel
Commercial Director
Asset Manager
Operations Manager
Environmental Manager
Legal Counsel
Commercial Manager
Business Development Manager
Risk Manager
Technical Director
Project Manager
Compliance Officer
Finance Manager
Due Diligence Manager
Regulatory Affairs Manager
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