دیکشنری تخصصی مهندسی نفت - نسخه آنلاین

v: for a lessee, to agree to assign a leasehold interest to a third party, subject to stipulated conditions. See farmout.

n: an agreement whereby the owner of a lease who does not wish to drill at the time agrees to assign the leasehold interest, or some part of it, to a third party who does wish to drill, conditional on the third partys drilling a well within the expiration date of the primary term of the lease. The assignment may include the entire interest together with dry hole money, or partial interest or entire interest with or without an override. If an override is retained, the owner of the lease may retain an option to convert such overriding royalty retained to an agreed-upon working interest. A farmout is distinguished from a joint operating agreement by the fact that the partner farming out does not incur any of the drilling costs. The primary characteristic of a farmout is the obligation of the third party to drill one or more wells on the farmout acreage as a condition prerequisite to completion of the transfer of title to such third party.

n: all or a fractional part of the interest of a lessee (grantee) under an oil and gas lease. Such interest includes the lessees right to search for, drill, and produce oil and gas from a lease tract subject to royalty payments. The term usually refers to the remaining leasehold or working interest exclusive of any nonoperating interests created and assigned therefrom, such as overriding royalty interests and production payments. Also called operating interest, working interest.

n: see leasehold interest.

n: the interest in oil or gas that includes responsibility for all drilling, developing, and operating costs. Also called leasehold interest, operating interest.

an interest in an oil and natural gas lease that gives the owner of the interest the right to drill for and produce oil and natural gas on the leased acreage and requires the owner to pay a share of the costs of drilling and production operations.