JVViews: June 2013 Issue
2013 June Task Forces
2013 NGL Markets & LNG Export Congress Canada
PJVA Members Receive Discount To The NGL Markets & LNG Export Congress
PJVA May Luncheon Review
Golf Networking Event Winners!
Revised Gas Handling Agreement 2013 now available!
Last Networking Pub Night
eStudies and Web Based Learning - The JV Analyst I course is now online!
Looking for a New Opportunity?
PJVA LinkedIn® Group
2013 June Task Forces
Director, Task ForcesMartine O’Connor
June 2013
We are nearing summer, although it doesn’t quite seem like that, and the Agreement Monitoring Committee would like to update the membership on the status of our Task Force Groups. It has been another very busy year for the PJVA members involved with the Task Force portfolios. I would like to thank each of the volunteers for their time and effort spent on developing a new module Emulsion and Water Handling Agreement or those who are currently updating our existing CO & O Module Agreement, your time is much appreciated!
The Agreement Monitoring Committee, (AMC) is a standing committee charged with the review and maintenance of existing model agreements, as well as the identification of additional required model agreements. This AMC is also responsible for monitoring the use of the PJVA model agreements and the need for education or discussion of them. This year, the AMC will work in conjunction with the CO & O Task Force, Emulsion Handling Agreement Task Force, and the AMC will review and finalized the Well Administration Agreement. Our committee meets every second month or more frequent if necessary and is made up of the following members:
Currently the AMC group is working on finalizing a Production Accounting Agreement. We are very close to a finale product and hope to bring it to the PJVA Board for approval in Sept 2013 for use in the membership shortly thereafter. Our next agreement for review is the Receipt Point Agreement. We feel that an industry usable agreement is required and will being working on a module in the fall of 2013.
This year the AMC also incorporated a Gas Handling Agreement Version 2013. Any errata’s that were on the PJVA website in 2012 were incorporated in the Gas Handling Agreement which is now called the 2013 version. Every year the AMC will be updating the Gas Handling Agreement and incorporating any errata’s into a new version if applicable. We hope to do this with every PJVA Module Agreement.
Issues with the current PJVA model agreements, questions about model wording and of potential new model agreements may be referred to any member of the Agreement Monitoring Committee.
The Emulsion Handling Agreement Task Force (EHA), led by Marcel Savoie, and has made great progress with a new draft of the Emulsion Handling Agreement that the AMC has reviewed and has sent out to several selected senior joint venture experts for their review and comments. Comments from the selected members are being sent back to the EHA Task Force for further review and handling. The mandate is to get a final Emulsion Handling Agreement for use in the industry in 2014. The EHA Task Force is made up of the following members:
The CO & O Agreement Committee, led by Tim Reimer is well underway. The CO & O Agreement Task Force has formed several separate committees to handle the different parts of the CO & O and the individual Appendices within the agreement. They hope to have a draft updated agreement ready for review in 2013. The CO& O Agreement Task Force (main group) is made up of the following members:
The main Task Force Committee and 13 subcommittees have been meeting on a regular basis. The work has progressed to approximately the 50% point and we are working towards having a draft document for review in the fall.
2013 NGL Markets & LNG Export Congress Canada
June 24 -25, 2013, Calgary, CanadaThe mission of the first NGL Markets & LNG Export Congress Canada 2013 is to definitively provide short and long term solutions to producers who are actively marketing their NGLs and gas from Western Canada.
The congress is hosting executive level speakers from the major E&P and Midstream operators actively marketing gas and NGL in Western Canada to identify domestic and international NGL and LNG markets as well as transport options for reaching them, to free up Alberta's landlocked production and ensure Canadian products can attain optimal pricing.
We are delighted to announce that we are offering any PJVA members who have not registered a 15% discount to attend. To claim this discount, please enter the code 'PJVA15' when you register on the link below.
PJVA Members Receive Discount To The NGL Markets & LNG Export Congress
June 24 -25, 2013Delivering the latest NGL Fractionation and takeaway capacity updates and evaluating LNG Export markets to drive down the costs of transport and ensure Western Canada products attain optimal netback.
PJVA May Luncheon Review
"Everything you wanted to know about the Bow but were afraid to ask"
Joanne Hall from Cenovus regaled a small, but interested crowd with all kinds of information on the tallest building west of Toronto. A few highlights are:
- Joanne showed us a video of the growth of the Bow from a large hole in the ground to when the last windows were installed in 30 seconds.
- The “big giant head” is called Wonderland and is a wire sculpture of a girl’s head.
- A few interesting facts of the Bow:
- The building is owned and managed by H&R REIT.
- There is more natural light in the Bow because of the use of glass walls on the hallway side of offices.
- It is a very energy efficient building by using passive solar (the sun coming in and warming the inside of the building).
- There are 1300 parking stalls for cars and 320 stalls for bikes.
- The building utilizes daytime cleaning staff which minimizes electricity usage.
- There is recycling in the building; paper, normal recyclables (same as your blue bin at home), refundables and personal electronics like batteries and cell phones.
- The floors are raised and all plumbing and air ductworks are in the floors.
- Power and data are also in the raised floors.
- There are 3 “Sky Gardens” – the 24th floor is for Cenovus personnel, the 42nd floor is for Encana personnel, and the 54th floor is combined use of both companies and has a 150 person amphitheatre, a 250 person meeting room, a large kitchen for catering staff and the best 360 degree view in the city.
Thanks to Joanne for her enlightening presentation.
Golf Networking Event Winners!
The golf event early bird winner was Tracey Moore-Lewis at Suncor. She has won a night at the Sheraton Suites Calgary Eau Claire plus breakfast. Click here to see more winners!.Revised Gas Handling Agreement 2013 now available!
At the beginning of each year the PJVA Standing Committee will take any Errata’s for the year past and incorporate them into a new version of the PJVA GHA. In 2013, we incorporated the current Errata’s listed and some grammatical errors. This is what is now available for download via the online order form.As members bring items or concerns to the PJVA Standing Committee they are discussed and if agreed we put the item or concern on the Errata page for other members to view.
Last Networking Pub Night
June 13, 2013 at Barley Mill (Eau Claire)It’s a great opportunity to mingle with your peers, get to know industry if you’re looking at changing careers, or find a mentor if you’re a young professional just entering the Joint Interest field.
Please click here to RSVP so we have an idea of numbers.
SEE YOU ALL THERE!!
eStudies and Web Based Learning
The JV Analyst I course is now online!This course is designed to provide you with a solid understanding of the role of the Joint Venture Analyst and the responsibilities that accompany that role. Successful completion of this course is a good first step and will prepare you to enter a career in joint venture analysis, but it will not qualify you for a joint venture analyst position. This course is recommended to be used in combination with practical industry experience.
The course consists of the following 9 modules:
- Introduction to Joint Venture Analyst
- The Role and Responsibilities of the Joint Venture Analyst
- Introduction to Petroleum Production and Agreements
- Petroleum Production from Wellhead to Plant
- Joint Venture Business Drivers
- Risk Management
- CO&O Analysis
- Introduction to Contract Law
- Land and Mineral Contracts
- Royalties
- Project Economics and Fees
- Common Stream Operating and Marketing
Looking for a New Opportunity?
Check out the PJVA Job Board for recent postings.PJVA LinkedIn® Group
PJVA is now on LinkedIn®, the world's largest professional network. It's a great way to stay connected and exchange ideas with other PJVA members and industry professionals.Click here to join the discussion!
PJVA was incorporated in 1985 to represent individuals and organizations involved in petroleum joint ventures. JVViews is published to keep members informed about upcoming PJVA and industry events, courses and seminars offered and/or sponsored by PJVA and current projects being facilitated by the Association.