Maximum Efficient Rate definition

Maximum Efficient Rate means the rate at which the maximum ultimate economic petroleum recovery is obtained from a commercial field without excessive rate of decline in reservoir pressure and consistent with good international petroleum industry practice;

Maximum Efficient Rate means the rate at which the maximum ultimate economic petroleum recovery is obtained from a commercial field without excessive rate of decline in reservoir pressure, and consistent with best petroleum industry practice;

Maximum Efficient Rate means the maximum economic rate of production of oil which can be sustained under prudent operations, using sound engineering practices, without loss of ultimate recovery.

Examples of Maximum Efficient Rate in a sentence

• It is the intention of the Parties that the Petroleum resources of the Contract Area should be produced at the optimum rate which is to be fully consistent with the then current economic conditions, and the principles of sound reservoir management according to international Petroleum industry practice, in order to provide for the most economically efficient recovery of Petroleum ("Maximum Efficient Rate").

• In particular, the Bureau of Safety and Environmental Enforcement within the Department of Interior may set the Maximum Efficient Rate for production from a reservoir— that is, a cap on the production rate from all of the wells producing from a reservoir.

• Defendants observe, for example, that the Department of the Interior may by statute set a Maximum Efficient Rate of extraction (“MER”) from an OCS reservoir.

• However, in the event the Government requires Contractor to produce Petroleum from the Contract Area at less than the Maximum Efficient Rate Contractor will reduce production, subject to the express condition that such reduction in Petroleum production shall in no event be greater than can be borne entirely from SOCAR's share of Petroleum remaining after satisfying all other SOCAR obligations hereunder.

• However, in the event any Governmental Authority requires Contractor to produce Petroleum from the Contract Area at less than the Maximum Efficient Rate Contractor will reduce production, subject to the express condition that such reduction in Petroleum production shall in no event be greater than can be borne entirely from SOCAR's share of Petroleum remaining after satisfying all other SOCAR obligations hereunder.

More Definitions of Maximum Efficient Rate

Maximum Efficient Rate means the maximum rate of production of Crude Oil from a Development Area, without excessive decline of production or excessive loss of reservoir pressure, in accordance with good oilfield practice and the provisions of paragraph 7.8.

Maximum Efficient Rate means the maximum rate, according to good international petroleum industry practices, at which crude oil or natural gas can be produced without excessive decrease of reservoir pressure or loss of reservoir energy.

Maximum Efficient Rate means the maximum rate of Hydrocarbons ------------------------ production in a Field, without excessive decline or loss of reservoir pressure, and in accordance with the norms and practices of the petroleum industry and Section 6.3 of this Contract.

Maximum Efficient Rate means the maximum average rate of production of Oil and Gas from a Reservoir established by the Operator in accordance with International Oilfield Practice which is sustainable and which will permit the development of such Reservoir without detriment to the Ultimate Economic Recovery, subject always to such Operator’s ability to transport and market such Oil and Gas.

Maximum Efficient Rate means the rate at which the maximum economic recovery of Petroleum is obtained without excessive rate of decline in reservoir pressure, and consistent with Best Industry Practice.

Maximum Efficient Rate means the maximum rate of production of crude oil in a field, without excessive rate of decline of production or excessive loss of reservoir pressure, and in accordance with generally accepted practices in the international petroleum industry and the provisions of paragraph 6.3;

Maximum Efficient Rate. OR "MER" 12 1.37 "NATURAL GAS" 12 1.38 "NEW-FIELD WILDCAT" 12 1.39 "NON-ASSOCIATED GAS" 12 1.40 "OPERATOR" 12 1.41 "PARTY" OR "PARTIES" 12 1.42 "PETROLEUM" 12 1.43 "PETROLEUM AGREEMENT" 12 1.44 "PETROLEUM OPERATIONS" 12 1.45 "PETROLEUM OPERATION EXPENDITURES" 12