Knowledge Centre
Acquisition and Disposal
PILOT introduced a 'Changing gear' initiative in early 2008, looking to drive efficiency in business transactions within the UK offshore oil and gas industry.
One of the concerns was the timeliness of completing UKCS acquisition and disposal (A&D) deals. A review showed a wide range of times but, overall, no especially extended time for completing deals on the UKCS, compared with anywhere else. However, it was noted that there are customs and practices which have grown up around dealing with specific UKCS business needs (generally resulting from legislative requirements) and it would be useful to capture these in one place.
This A&D Handbook therefore attempts to identify those common industry practices and tools available for asset transfers, together with links to other sources of information which would help with timely deal making. It is specifically focused on asset, not corporate, transfers. It is not intended to be prescriptive, definitive or comprehensive, but merely to provide assistance to the processes and highlight what is good industry practice. It is also recommended that transactions take place cognisance of the industry codes of practice.
Disclaimer
The information given in this document / website is given in good faith and belief in its accuracy. However, the individual members of the drafting work group, their respective companies, organisations and industry bodies, including Oil & Gas UK, do not accept any responsibility whatsoever for the consequences of its use or misuse in any particular circumstances.
