Monday 29 April 2013

New Online System Aims to Further Enhance Oil and Gas Transactions

  This month LOGIC, a not-for-profit organisation established to improve competitiveness throughout the UK oil and gas industry, is marking both the tenth anniversary of its Master Deed system, which streamlines commercial processes between licence holders on the UK Continental Shelf, and the expansion of its on-line service.

Building on the success of Master Deed, LOGIC is extending the system’s capability to allow licence holders to authorise transactions online. The move is the latest in a series of improvements aimed at ensuring the entire system is online so that all parties concerned can benefit from savings in time and costs. The Master Deed allows passive third parties to commercial agreements affected by asset transfers to give consent quickly and cost effectively using LOGIC to complete the execution process on their behalf. More than 270 companies have signed up as contracting parties to Master Deed since its introduction in 2003 enabling around 950 transactions to be successfully completed.

LOGIC plans to provide training sessions for users of the new online Master Deed system in Aberdeen and London in June. Anyone interested in attending is advised to contact LOGIC on logic@oilandgasuk.co.uk.