An ambitious, cutting-edge project on this scale cannot be a single endeavour by a single nation. It must be a research programme led by a high-level international partnership with multi-national expertise.
Leading the way for project and business management will be international geothermal research cluster (GEORG), the famous geoscience research centre of the British Geological Survey, and the INGV (National Institute of Geophysics and Volcanology, Italy, which deals with some of the most dangerous volcanoes in the world. We will be working with independent experts who have decades of experience drilling both in high-temperature geothermal fields and for scientific objectives such as volcanic structures and fault zones
This venture will draw together the very best magma scientists, geothermal experts and drilling experts who will work with the backing of existing industry. With their students, these are the problem solvers of tomorrow. Large-scale collaboration is vital to progress our understanding of magma chambers. The location, the people and the research readiness are there. We now need the multi-national cooperation to make it happen.
Contractual Joint Venture Agreement
The KMT cooperation will be based on a Contractual Joint Venture Agreement (JVA) stating the rights and obligations of the partners. A JVA is a good option for collaboration where there is a community of interest. It is an unincorporated form of cooperation, based on a contract among the interested parties without setting up a separate corporate vehicle or operation as a formal partnership. The JVA addresses what each party is contributing, how decisions are made, how long the agreement will last, and obligations of each partner. One of the advantages is simplicity, with no transferring of assets but rather sharing of resources and collaboration. It provides a structure in which the objectives, roles and responsibilities can be clearly delineated. Once the joint venture is completed, all parties share gain or loss and the agreement that established the joint venture is dissolved.