Abandonment Fund. To finance the activities under Sub-article 29.1, Parties shall open an escrow account (the “Abandonment Fund”), at a bank of good international repute to be agreed between Staatsolie and Contractor. The structure of the Abandonment Fund and the terms for the administration of the Abandonment Fund shall be mutually agreed between Staatsolie and Contractor. All funds allocated to the Abandonment Fund shall be recoverable as Operating Expenditures.
Appears in 4 contracts
Sources: Production Sharing Contract, Production Sharing Contract, Production Sharing Contract (Kosmos Energy Ltd.)