I have no idea why you keep repeating this.
Not sure whether you didn't understand what is contained within a typical JOA (Joint Operating Agreement) or you just being mischievous.
Any way, for those who don't know: in any JV and in any typical JOA, all members holding 5% or greater interest, are automatically elected to the Management Committee. And this Management Committee has overriding powers over the JV. FAR which holds 15% working interest (before dilution) is a member of that Management Committee, so would have seen all reports prepared by the Operator.
Furthermore, any variation of budget greater than 10% (in a typical JOA), requires the "Unanimous" approval of participants in the JV.
Note, the increase in the SNE CAPEX budget was greater than 20%!!!
This means WPL, who holds 35% in the JV, could not authorize the increased budget to purchase an FPSO (instead of leasing) without the approvals of CNE, FAR and Petrosen!!!
That is the bottom line.
DB go review the JOA.
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