Jurisdiction(s):
United Kingdom

Key definition

Joint venture definition

What does Joint venture mean? In legal practice, a joint venture is a collaborative arrangement in which two or more parties pool assets, finance, IP or know‑how to carry on a specific project or an ongoing business, sharing control, risks, profits and losses (including equity and revenue where an entity is formed). It is a descriptive term rather than one defined by statute across England & Wales, Scotland, Northern Ireland and Ireland, though used in competition, tax and accounting contexts. Structures commonly include: (i) an incorporated joint venture (usually a private company limited by shares) with rights documented in a shareholders’ agreement and...

Oil and gas joint ventures: drivers, common pitfalls and co‑venturer exit: contractual routes, change of control, funding, IP and procedural steps

Published by a LexisNexis Energy expert

Practice notes

This Practice Note introduces oil and gas joint ventures, summarising the key drivers for joining a jv in upstream projects and the chief motivations for an early exit. It also outlines the principal issues and risks typically arising on such a departure.

Why are oil and gas projects sometimes structured as joint ventures?

Oil and gas ventures are frequently organised as joint ventures, especially in the upstream sphere (see Upstream oil and gas-exploration and production-overview). The model is adopted for several reasons, including to:

better manage ongoing capital spend and spread risk among participants, enabling involvement in larger, higher-value projects that would be unattainable alone
improve access to capital funding
combine resources, expertise and technology
diversify and strengthen a company’s portfolio in increasingly volatile markets
enter new markets and/or navigate regional regulatory requirements (e.g. a need to partner with local businesses before operations can start) and gain access to local knowledge

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Web page updated on 28/05/2026

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