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Habendum clauses are also found in leases, particularly oil and gas leases. The habendum clause can define how long the interest granted will extend. Most oil and gas leases provide for a primary and secondary term. [2] During the primary term the lessee can hold the lease without producing.
The habendum clause sets out these terms, as well as most significantly, identifying the parties to the transaction and their interests in the conveyed real property. An oil and gas lease generally includes a force majeure clause. Such agreement relieves the lessee from liability for breach, if the party's performance is impeded as the result ...
The continuous drilling provision was created in order to provide more certainty in the face of inconsistent court rulings. While a continuous drilling provision may provide the parties with a more reliable test to determine whether drilling and operations have been continuously prosecuted (so as to hold a lease past its primary term), the inclusion of the provision could prove fatal to a ...
New Mexico's State Land Office will withhold lease sales indefinitely on its most promising tracts for oil and natural gas development in the Permian Basin as it seeks approval by the state ...
Pages in category "Oil and gas law" The following 28 pages are in this category, out of 28 total. ... Habendum clause; I. Iraq oil law (2007) L. Landman (oil worker) M.
Biden came into office pledging to end federal oil and gas leasing, but he has been forced by court order to hold a few lease auctions. He also agreed to more leasing to win the support of Sen ...
Oil and gas rights in the offshore US are divided between the state and federal governments (see Offshore oil and gas in the United States). Rights to explore on US federal offshore areas are obtained through competitive sealed bids. Individual tracts are generally 9 square miles (23 km 2). Current leases being offered in the Gulf of Mexico ...
Environmentalists are fuming after the Department of the Interior auctioned leases to drill for oil in an 80-million-acre section of the Gulf of Mexico on Wednesday morning.