In addition to the free seismic images provided via the interactive map, UKOGL offers two levels of commercial access to its digital seismic archive, fully licensed and licensed for recognition. Simply put, when oil companies purchase a licensed copy of seismic data previously collected by another company, a seismic broker serves as an intermediary for both the buyer (licensee) and the owner of seismic data (licensor). Oil and gas laws are constantly evolving. It is therefore essential that those working in the energy sector have a reliable, experienced and competent legal representation that guides them through the constantly changing energy landscape. When it comes to oil and gas, it is particularly important that all contracts are drawn up correctly. Oil and gas contracts are sophisticated documents and it is important that they are drafted in such a way as to guarantee the rights and obligations of all parties involved. At the law firm of C. William Smalling, P.C., we are highly experienced in designing and reviewing such contracts, including joint enterprise agreements, farm-out agreements, framework service agreements, drilling agreements, licensing agreements for the use of seismic or technical data, and confidentiality agreements. If you need specialized representation in oil and gas law, contact us today for a consultation. Article 5, Rights and obligations of the licensee: the licensee has certain rights and obligations to fulfill in connection with his use of the data granted. Rights include the licensee`s ability to transmit the data to an related company, while obligations include the obligation not to use the data other than for specific purposes.
This is a key element of the agreement and an area that has sparked much discussion among Committee members. The fundamental question arose as to whether the licensee`s rights were too extensive in the agreement. The committee tried to give the licensee broad power to use the data to promote business partnerships, but had to evaluate it against adequate protection of the licensor against loss of any value to its proprietary data. The definitions of interpretation and data have been (partially) designed to achieve this balance. The Committee also reviewed current business practices. . . .