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Job responsibilities for lease administrators and real estate professionals include: lease review and abstracting, accounting and processing, lease audits, CAM charges, lease renewal options, repairs and maintenance, information management and reporting, occupancy cost analysis, operating expense review, and document storage and maintenance.
Unless specified otherwise, establishing commercial production from a single well within the lease will hold the entire lease as long as production continues. Language to the contrary is called a Pugh clause. The Pugh Clause is named after a Louisiana lawyer, Lawrence G. Pugh, who first used this kind of language in an oil and gas lease in 1947 ...
Other forms of contracts between public and private entities, namely lease contract and management contract (in the water sector often called by the French term affermage), are closely related but differ from a concession in the rights of the operator and its remuneration. A lease gives a company the right to operate and maintain a public ...
BP purchased the mineral rights to drill for oil in the Macondo Prospect at the Minerals Management Service's lease sale in March 2008. [7] Mapping of the block was carried out by BP America in 2008 and 2009. [8] BP secured approval to drill the Macondo Prospect from MMS in March 2009. An exploration well was scheduled to be drilled in 2009. [3]
SEOUL (Reuters) -Samsung Electronics' preliminary fourth-quarter operating profit missed estimates by a large margin, with the South Korean tech giant hit hard by extra costs as it works towards ...
Lessor is a participant of the lease who takes possession of the property and provides it as a leasing subject to the lessee for temporary possession. [1] [2] For example, in leasehold estate, the landlord is the lessor and the tenant is the lessee. The lessor may be the owner of the property or an agent authorized on the owner's behalf.
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