Guidelines for Best Practice for Managing Information Transfer at the Time of Asset Sales – Issue 3
Guidelines for Best Practice for Managing Information Transfer at the Time of Asset Sales – Issue 3: These Guidelines are designed principally for transactions involving the sale and purchase of UKCS assets which result in the need for information (primarily petrotechnical, engineering and operational data – both physical and digital information) that relates to the assets (Licences, Fields etc.) to be transferred from one party to another. Such transfers occur in two ways:
1) A change of control where the company in control of the company entity that is the licensee changes,
and 2) A transfer of rights in the licence (which may include a change in the licence operator).
These two types of transfer are explained in more detail later on. These Guidelines are particularly relevant to transactions in which licence operatorship changes hands. It is generally the operator that assumes (non-exclusive) responsibility on behalf of the joint venture group for the retention and management of the key collections of information for an asset. When the identity of the operator changes, then provision for transfer of this key information becomes most critical.
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