Petroleum Concession Agreement definition

Petroleum Concession Agreement or “PCA” means an agreement pursuant to which the GoP grants to the parties thereto an interest in a Petroleum concession, which interest is subject to the rights, obligations, and liabilities imposed by the applicable petroleum laws of Pakistan, including the enjoyment of the exclusive right to explore and prospect for, develop, produce, sell and otherwise dispose of Petroleum from the area covered under the Exploration License or the Lease, as the case may be.
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Examples of Petroleum Concession Agreement in a sentence

  • Spud has a 40% Working Interest in the Zarghun South Lease under the November 30, 1994 Bolan Petroleum Concession Agreement.

  • The 1997 Policy was replaced in 2001 by Petroleum Policy 2001, coupled with Petroleum (Exploration and Production) Rules 2001, a model offshore Production Sharing Agreement and a model onshore Petroleum Concession Agreement.

  • DGPC will make every effort to conclude and sign a Petroleum Concession Agreement or Production Sharing Agreement as the case may be based strictly on the model provided with the bid documents within 15 days after the closing date of Invitation to Bid subject to completion of all documents to be submitted by the applicant companies.

  • This represents the share of exploration costs carried by the Company on behalf of Government Holdings (Private) Limited (“GHPL”) in respect of the Zarghun South lease pursuant to the terms of the Bolan Petroleum Concession Agreement (“Bolan PCA”).

  • Adjustment in Q4 2017 represents the allocation of exploration past costs to Government Holdings (Private) Limited pursuant to the terms of Bolan Petroleum Concession Agreement.

  • The adjustment in Q4 2017 represents the allocation of exploration past costs to Government Holdings (Private) Limited pursuant to the terms of Bolan Petroleum Concession Agreement.

  • Simultaneous with the grant of the said Licence, the same parties executed the [●] Petroleum Concession Agreement (“ PCA”, which term shall include any amendments or novations which may have been agreed from time to time).

  • The Badin IV South block lies in lower Indus basin and covers an area of 864.41 Sq.Km. FHL has a 27.5% Working Interest in the Badin IV South Exploration License under the Badin IV South Petroleum Concession Agreement dated January 5, 2006.

  • In terms of the provisions of the Badin IV North Petroleum Concession Agreement (“Badin IV North PCA”), the JV exercised the option to enter Phase II of the initial term of the exploration license and submitted a renewal application to the Directorate General of Petroleum Concessions (“DGPC”) for the approval of Phase II on October 16, 2017.

  • However, the GoP issued a clarification in March 2013 that the applicability of the Petroleum Policy, 2012 price will be subject to execution of a supplemental Petroleum Concession Agreement.

Related to Petroleum Concession Agreement

  • Concession Agreement means the Concession Agreement referred to in Recital (A) above and annexed hereto as Annex-A, and shall include all of its Recitals and Schedules and any amendments made thereto in accordance with the provisions contained in this behalf therein;

  • petroleum agreement means an agreement for the purpose of petroleum activities entered into by Government and another person in accordance with this Act;

  • Concession Contract means a contract for pecuniary interest concluded in writing between one or more economic operators and one or more contracting authorities within the meaning of Articles 168 and 172, in order to entrust the execution of works or the provision and management of services to an economic operator (the ‘concession’). The remuneration shall consist either solely in the right to exploit the works or services or in that right together with payment. The award of a concession contract shall involve the transfer to the concessionaire of an operating risk in exploiting those works or services encompassing demand risk or supply risk, or both. The concessionaire shall be deemed to assume an operating risk where, under normal operating conditions, there is no guarantee of recouping the investments made or the costs incurred in operating the works or the services at stake;

  • Offtake Agreement means any refining, smelting, brokering, sale, marketing and/or processing agreement entered into by the Owner or its Affiliates with respect to Minerals produced from the Property;

  • exploration licence means an exploration licence under Part 2 of the Mineral Resources Development Act 1990; S. 3(1) def. of "fish" inserted by No. 40/2002 s. 3(a).

  • Management Agreement means the agreement to be entered into between the Borrower and the Manager providing for the ship management and crewing services of the Vessel, such agreement to be in the form and on the terms and conditions required by the Agent;

  • Royalty Agreement means the amended royalty agreement between the Partnership, Vermilion, 1209963 Alberta Ltd. and the Trust dated January 22, 2003 providing for the creation of the Royalty;

  • Petroleum Operations means, as the context may require, Exploration Operations, Development Operations or Production Operations or any combination of two or more of such operations, including construction, operation and maintenance of all necessary facilities, plugging and abandonment of Xxxxx, safety, environmental protection, transportation, storage, sale or disposition of Petroleum to the Delivery Point, Site Restoration and any or all other incidental operations or activities as may be necessary.

  • Multimodal transport operator means the person on whose behalf the bill of lading/multimodal transport document, or any other document evidencing a contract of multimodal carriage of goods, is issued and who is responsible for the carriage of goods pursuant to the contract of carriage.

  • Joint Operating Agreement (JOA) means the operating and participating agreement between the Parties constituting the Contractor that governs their operational activities, obligations and responsibilities under this Contract,

  • Licence Agreement means an agreement (whether or not in writing) between the owner of student accommodation and a student giving a licence to the student;

  • Supply contract means a contract under which a lessor buys or leases goods to be leased.

  • Lease Agreement means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. Unless the context clearly indicates otherwise, the term includes a sublease agreement.