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Congratulations! Correct
Answer!
Working Interest
B. The rights to the mineral interest granted by
an oil-and-gas lease.
 Listen
to pronunciation
Legal Definition -
Oil & Gas The rights to the mineral interest granted by an
oil-and-gas lease, so called because the lessee acquires the right to work
on the leased property to search, develop, and produce oil and gas, as
well as the obligation to pay all costs. --Also termed leasehold
interest; operating interest.
Black's
Law Dictionary® Eighth Edition © 2004
Current
Usage -
US oil companies announce oil discovery off Brazil
HOUSTON: Oil and gas companies Anadarko Petroleum Corp. and Devon Energy
Corp. announced Tuesday an oil discovery off Brazil in the Campos Basin.
The well is in approximately 4,650 feet (1,417 meters) of water about 25
miles (40 kilometers) southeast from discoveries at the giant Jubarte
field by Petrobras, Brazil's state-run oil company.
Preliminary results at Wahoo indicate similar characteristics to a nearby
Jubarte well, which is Brazil's first producing pre-salt well and has
achieved initial rates of approximately 18,000 barrels per day of light
oil.
The 1-APL-1-ESS exploratory well is located on block BM-C-30.
Houston-based Anadarko, through a subsidiary, holds a 30 percent
working interest in the
field. Devon, headquartered in Oklahoma City, has a 25 percent interest.
The Associated Press
Tuesday, September 30, 2008
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