DoCD meaning in oil and gas
DoCD means Declaration of Commercial Discovery. It is a key date in the PSA/JOA which states that 2-4 years (depend on which Block & water depth) after a discovery is made, the operator has to declare whether the…
Definition
Declaration of Commercial Discovery
It is a key date in the PSA/JOA which states that 2-4 years (depend on which Block & water depth) after a discovery is made, the operator has to declare whether the discovery is Commercial or not. If a discovery is declared commercial (DoCD approved) then co-venturers have 6 years to deliver 1st oil. <p> <p> In theory, if DoCD is not declared then the discovery reverts to Sonangol ownership. Also if the 6 years to first oil is not met, then again in theory, the discovery reverts to Sonangol. <p> <p> DoCD is therefore a key date. Sonangol carry, voting rights and several other things change in the JOA at DoCD as well.<p>