Bratani Ltd, TAQA Bratani LNS Ltd, JX Nippon Exploration and Production (UK) Ltd, Spirit Energy Resources Ltd and Marathon Oil UK LLC. The parties administered each block as an unincorporated joint venture in accordance with the provisions of the JOAs. For each block, Marathon was the operator with responsibility for managing all operational and commercial activity on a no gaino loss basis. The remaining four non-operator parties (the claimants in these proceedings) funded the operations and received profits in proportion to their equity stake. The JOA expressly provided that each party was responsible only for its own obligations and that no partnership was intended. Clause 19 in the JOAs provided for a change of operator either by resignation, termination in the event of certain specified events (including insolvency) and termination by the unanimous vote of all non-operator parties.
展开▼
