Operating agreement

{
  "id": "MLC-T-OAG-002632",
  "term": "Operating agreement",
  "field": "Oil and gas",
  "definition": "A contract among co-owners of an oil and gas leasehold that governs the exploration, development, and operation of the property. It designates an operator and outlines the rights and obligations of each working interest owner, including cost sharing and voting procedures. The agreement typically follows a model form, such as those published by the American Association of Petroleum Landmen.",
  "subject": "Oil and Gas Business",
  "url": "https://mlchart.com/terminology/oil-and-gas/operating-agreement/"
}