PP/70/01 Standardisation PPWG Recommendations: PPWG to promote awareness of existing standard agreements and actively encourage all Operators to make wide use of them Subgroup to progress targeted standardisation of commercial agreements and agreement provisions Subgroup to be cognisant of the other areas that the PPWG is to develop and should tailor its efforts accordingly Work closely with UKOOA to ensure maximum number of companies are supportive of the standards its develops

PP/70/01 Standardisation Next Steps Build on package of standards developed for asset transfer by end S&P, Exchange, Farm-In Compare asset transfer between UKCS, Canadian & Lower 48, including ascertainment of title Success = ongoing work to develop Joint Operating Agreement Progress PPWG requests for standards (eg pre-emption) End review and make recommendations for 2002

PP/70/01 Standardisation Review of Canadian industry standard ongoing - full report at October PPWG CAPLA introduced a standard assignment procedure improve land assignment process Transferring party gives written notice in standard 3 page form Co- venturers do not have to execute documentation Consent of other co-venturers deemed if no reply within timeframe =45 days C/F- UKCS example where 1 JOA covers 12 blocks and requires 16 companies to give written approval = 90 days