Oil and gas law in the United StatesOil and gas law in the United States is the area of United States energy law concerning the property law in oil and gas under the surface, after its capture, and litigation, statutes, and regulations regarding those rights. OverviewThe law regulating oil and gas ownership in the US generally differs significantly from laws in Europe; oil and gas are often owned privately in the US as opposed to being owned by the national government as they are in many other countries.
United StatesCountry primarily in North AmericaThe United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic consisting of 50 states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean.
LicenseA license (American English) or licence (Commonwealth English) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit). A license is granted by a party (licensor) to another party (licensee) as an element of an agreement between those parties. In the case of a license issued by a government, the license is obtained by applying for it.
Mineral rightsMineral rights (often referred to as a "mineral interest" or a "mineral estate") are property rights to exploit an area for the minerals it harbors. Mineral rights can be separate from property ownership (as in a split estate). Mineral rights can refer to sedentary minerals that do not move below the Earth's surface or fluid minerals such as oil or natural gas.
United Nations Convention on the Law of the SeaThe United Nations Convention on the Law of the Sea (UNCLOS), also called the Law of the Sea Convention or the Law of the Sea Treaty, is an international treaty that establishes a legal framework for all marine and maritime activities. As of October 2024, 169 sovereign states and the European Union are parties to the convention. Some states have refused to recognise the convention.
Arm's length principleThe arm's length principle (ALP) is the condition or the fact that the parties of a transaction are independent and on an equal footing. Such a transaction is known as an "arm's-length transaction". It is used specifically in contract law to arrange an agreement that will stand up to legal scrutiny, even though the parties may have shared interests (e.g., employer-employee) or are too closely related to be seen as completely independent (e.g., the parties have familial ties).
United Nations General AssemblyIntergovernmental organization organUnited Nations General Assembly Hall at the UN Headquarters in New York City in 2006AbbreviationUNGAGAAGNUAGFormation1945; 81 years ago (1945)TypePrincipal organLegal statusActiveHeadquartersNew York City, U.S.PresidentKhalilur RahmanParent organizationUnited NationsWebsiteun.org/ga African Group (54) Asia and the Pacific Group (54) Eastern European Group (23) Latin American and Caribbean Group (GRULAC) (33) Western European and Others Group (WEOG) (29)The United Nations General Assembly (UNGA or GA) is one of the six principal organs of the United Nations (UN), serving as its main deliberative, policymaking, and representative organ.
Intangible assetAn intangible asset is an asset that lacks physical substance. Examples are patents, copyright, franchises, goodwill, trademarks, and trade names, reputation, R&D, know-how, organizational capital as well as any form of digital asset such as software and data. This is in contrast to physical assets (machinery, buildings, etc.) and financial assets (government securities, etc.). Intangible assets are usually very difficult to value.
FranchisingBusiness arrangement licensing a brand and model A McDonald's franchise in Moncton, New Brunswick, Canada Franchising is a business practice where a company licenses its business model to another company. It can involve the franchisor licensing some or part of its knowhow, procedures, intellectual property and other rights to sell its branded products and services to a franchisee.Fee simpleIn English law, a fee simple (pl.fees simple) is one of the estates in land recognised at common law. A "fee" is a vested, heritable, present possessory interest in land. A "fee simple" is land held without being subject to a term of years (i.e., indefinitely), and thus a form of freehold ownership.
RevenueIn accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of a business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive revenue from interest, royalties, or other fees. "Revenue" may refer to income in general, or it may refer to the amount, in a monetary unit, earned during a period of time, as in "Last year, company X had revenue of $42 million".*As an Amazon Associate I earn from qualifying purchases.