Petroleum resource definition

Petroleum resource means petroleum, petroleum byproducts, or natural gas.
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Petroleum resource means oil and gas. For further certainty, “oil” means:
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Examples of Petroleum resource in a sentence

  • Petroleum resource operations: means oil, gas and salt wells and associated facilities and other drilling operations, oil field fluid disposal wells and associated facilities, and wells and facilities for the underground storage of natural gas and other hydrocarbons.

  • Section 41 is discussed in detail in draft Taxation Ruling TR 2010/D6 Petroleum resource rent tax: deductibility of expenditure to procure the carrying on or providing of operations, facilities or other things by another person in relation to a petroleum project, as provided by section 41 of the Petroleum Resource Rent Tax Assessment Act 1987.

  • Petroleum resource development is creating a global legacy of active and inactive onshore energy wells.

  • Petroleum resource rehabilitation shall be conducted according to the Oil, Gas and Salt Resources Act and its regulations and standards.

  • When extracting the Petroleum resource, The Iraq National Oil Company and holders of exploration, Development and Production licenses shall: First: Avoid wasting, prevent leaks from pipelines, and provide optimal maintenance of the energy in the Oil Reservoir using the Best Oil and Gas Industry Practices and Best Practices in Pipelines Management.

  • The analysis utilizes data from Infarmed – Autoridade Nacional do Medicamento e Produtos de Saude I.P about the consumption of medicines in hospitals.In this section, the treatment of the raw database is presented along with some assumptions made to study the volatility of aggregate consumption of medicines by the hospitals under NHS in Portugal and thereby compute VaR.

  • There are potential mean recoverable resources of approximately 500 Million barrels (Source: ERC Equipoise independent review of African Petroleum resource, April 2011).

  • Upon delivery to the Agent of a notice of assignment executed by the assigning Lender and the Purchaser, together with any consents and fee required by SECTION 13.3.(a), such assignment shall become effective on the effective date specified in such notice of assignment.

  • Following the ZZGN Decision, on 17 December 2014 the ATO finalised Taxation Ruling TR 2014/9 Petroleum resource rent tax: what does ‘involved or in connection with exploration for petroleum’ mean?, which applies to expenditure incurred from the date of the issue of the Draft Taxation Ruling 2013/D4 (21 August 2013).

  • Losses of revenue arising from the fact that fines or other penalties were not generated during the occupation and emergency periods are also to be treated in the same manner as other claims for loss of revenue and are to be valued accordingly.

Related to Petroleum resource

  • Petroleum refinery means each facility engaged in producing gasoline, kerosene, distillate fuel oils, residual fuel oils, lubricants, or other products through distillation of petroleum or through redistillation, cracking, extracting, or reforming of unfinished petroleum derivatives.

  • Mineral Resource means a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge.

  • 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.

  • Petroleum UST system means an underground storage tank system that contains petroleum or a mixture of petroleum with de minimis quantities of other regulated substances. Such systems include those containing motor fuels, jet fuels, distillate fuel oils, residual fuel oils, lubricants, petroleum solvents, and used oils.

  • Petroleum and Natural Gas Rights means the entire interest of the Vendor as specified in Schedule "A" in and to the Lands and, insofar as they pertain to the Lands, the Leases.

  • Geothermal resources shall collectively mean the matter, substances and resources defined in subparagraph 16(a) and 16(b) that are not subject to this Lease but are located on adjacent land or lands in reasonable proximity thereto;

  • Liquefied petroleum gas means a mixture of light hydrocarbons (predominantly propane, butane) that is gaseous under conditions of ambient temperature and pressure and that is maintained in a liquid state by an increase of pressure or lowering of temperature;

  • Energy Resource means a generating facility that is not a Capacity Resource.

  • Inferred Mineral Resource means that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

  • Natural Resource or “Natural Resources” shall mean land, fish, wildlife, biota, air, water, ground water, drinking water supplies, and other such resources, belonging to, managed by, held in trust by, appertaining to, or otherwise controlled by the United States or the State.

  • Renewable energy resource means a resource that naturally replenishes over a human, not a geological, time frame and that is ultimately derived from solar power, water power, or wind power. Renewable energy resource does not include petroleum, nuclear, natural gas, or coal. A renewable energy resource comes from the sun or from thermal inertia of the earth and minimizes the output of toxic material in the conversion of the energy and includes, but is not limited to, all of the following:

  • Measured Mineral Resource means that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

  • Petroleum liquids means crude oil, condensate, and any finished or intermediate products manufactured or extracted in a petroleum refinery.

  • Oil fuel means any oil used as fuel in connection with the propulsion and auxiliary machinery of the ship in which such oil is carried.

  • Renewable energy resources means energy derived from solar, wind, geothermal, biomass, and hydroelectricity. A fuel cell using hydrogen derived from these eligible resources is also an eligible electric generation technology. Fossil and nuclear fuels and their derivatives are not eligible resources.

  • Eligible Renewable Energy Resource or “ERR” has the meaning set forth in California Public Utilities Code Section 399.12 and California Public Resources Code Section 25741, as either code provision is amended or supplemented from time to time.

  • Petroleum Act means the Petroleum and Geothermal Energy Resources Act 1967 (WA).

  • Natural resources means land, fish, wildlife, biota, air, water, ground water, drinking water supplies, and other such resources belonging to, managed by, held in trust by, appertaining to, or otherwise controlled by the United States or the State.

  • Fossil fuel means natural gas, petroleum, coal, or any form of solid, liquid, or gaseous fuel derived from such material.

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

  • Hydroelectric energy means water used as the sole source of energy to produce electricity.

  • CAISO Global Resource ID means the number or name assigned by the CAISO to the CAISO- Approved Meter.

  • Historic resource means a publicly or privately owned historic building, structure, site, object, feature, or open space located within an historic district designated by the national register of historic places, the state register of historic sites, or a local unit acting under the local historic districts act, 1970 PA 169, MCL 399.201 to 399.215, or that is individually listed on the state register of historic sites or national register of historic places, and includes all of the following:

  • Approved Petroleum Engineers means (a) Netherland, Xxxxxx & Associates, Inc., (b) Xxxxx Xxxxx Company Petroleum Consultants, L.P. and (c) any other independent petroleum engineers reasonably acceptable to the Administrative Agent.

  • Petroleum means the crude oil removed from the earth and the oils derived from tar sands, shale, and coal.

  • Petroleum Products means gasolines and petroleum oil distillates or blend stocks as further described in Item 10.