Common use of Annual Production Program Clause in Contracts

Annual Production Program. The Annual Production Program shall not provide for a variance equal to or higher than ten percent (10%) of the amount provided for in the Development Plan. Any variance equal to or higher than ten percent (10%) shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start date, as provided by the Applicable Laws and Regulations. The Consortium Members shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st of each calendar year, as provided by the Applicable Laws and Regulations. Approval of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program to approve it or request the Consortium Members to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members shall resubmit the Annual Production Program including such changes within thirty (30) days of the date of request. If the Consortium Members disagree with the proposed modifications, they may discuss them with ANP aiming at adjusting the modifications to be implemented in the Annual Production Program where ANP deems appropriate and according to the Best Practices of the Oil Industry. If, at the beginning of the period referred to in certain Annual Production Program, ANP and the Consortium Members are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.5, the lowest Production level among those proposed by the Consortium Members and ANP shall be used in any month and until final definition of the Annual Production Program. Revision ANP and the Consortium Members may agree, at any time, on the revision of an ongoing Annual Production Program, provided that such revision complies with the provisions of paragraphs 16.2 to 16.6. When the revision is proposed by ANP, the Consortium Members shall have thirty (30) days of receipt of the notice to discuss it with ANP and submit a revised Annual Production Program.

Annual Production Program. The Annual Production Program shall not provide for a variance equal to or higher than ten percent (10%) of the amount provided for in the Development Plan. Any variance equal to or higher than ten percent (10%) shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start dateStart Date, as provided by under the Applicable Laws and Regulations. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st of each calendar year, as provided by under the Applicable Laws and Regulations. Approval of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program to approve it or request the Consortium Members Concessionaire to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members Concessionaire shall resubmit the Annual Production Program including such changes within thirty (30) days of the date of request, repeating the procedure provided for in paragraph 11.6. If the Consortium Members disagree Concessionaire disagrees with the proposed modifications, they it may discuss them with ANP aiming at adjusting the modifications to be implemented in the Annual Production Program where ANP deems appropriate and according to the Best Practices of the Oil Industry. The Concessionaire will be required to comply with the Annual Production Program containing the modifications eventually determined by ANP. If, at the beginning of the period referred to in certain Annual Production Program, ANP and the Consortium Members Parties are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.511.6, the lowest Production level among those proposed by the Consortium Members Concessionaire and ANP shall be used in any month and until final definition of the Annual Production Program. Revision ANP and the Consortium Members The Parties may agree, at any time, on the revision review of an ongoing Annual Production Program, provided that such revision review complies with the provisions of paragraphs 16.2 11.3 to 16.611.5. When the revision review is proposed by ANP, the Consortium Members Concessionaire shall have thirty (30) days of receipt of the notice to discuss it with ANP and submit a revised reviewed Annual Production ProgramProgram to ANP. The provisions of paragraph 11.6 shall apply to any reviews, as appropriate.

Annual Production Program. The Consortium Members shall submit to ANP the Annual Production Program shall not provide for a variance the calendar year in which the Production starts , until the last day of month of the Production Start Date, as provided by the Applicable Laws and Regulations. Any change equal to or higher greater than ten percent (10%) of in the amount provided for Annual Production Program regarding the expectations in the Development Plan. Any variance equal to or higher than ten percent (10%) Plan shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start date, as provided by the Applicable Laws and Regulations. The Consortium Members shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st 31 of each calendar year, as provided by under the Applicable Laws and Regulations. Approval of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program to approve it or request the Consortium Members to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members shall resubmit the Annual Production Program including such changes within thirty (30) days of the date of request, repeating the procedure provided for in paragraph 12.5. If the Consortium Members disagree with the proposed modifications, they may discuss them these with ANP ANP, aiming at adjusting the modifications to be implemented in the Annual Production Program where ANP deems appropriate and according to the Best Practices of the Oil Industry. If, at the beginning of the period referred to in certain Annual Production Program, ANP and the Consortium Members are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.512.5, the lowest Production level among those proposed by the Consortium Members and ANP shall be used in any month and until final definition of the Annual Production Program. Revision Review ANP and the Consortium Members may agreeadjust, at any time, on the revision review of an ongoing Annual Production ProgramProgram in progress, provided that as long as such revision complies review is consistent with the provisions of in paragraphs 16.2 to 16.612.3 and 12.4. When the revision is proposed by ANP, the Consortium Members shall have thirty (30) days of receipt of the notice to discuss it with ANP and submit a revised Annual Production Program. The provisions of paragraph 12.5 shall apply to any revisions, as appropriate.

Annual Production Program. The Annual Production Program shall not provide for a variance equal to or higher than ten percent (10%) of the amount provided for in the Development Plan. Any variance equal to or higher than ten percent (10%) shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start dateStart Date, as provided by under the Applicable Laws and Regulations. Any change equal to or greater than ten percent (10%) in the Annual Production Program regarding the expectations in the Development Plan shall be supported by the Best Practices of the Oil Industry. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st of each calendar year, as provided by under the Applicable Laws and Regulations. Approval of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program to approve it or request the Consortium Members Concessionaire to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members Concessionaire shall resubmit the Annual Production Program including such changes within thirty (30) days of the date of request, repeating the procedure provided for in paragraph 11.5. If the Consortium Members disagree Concessionaire disagrees with the proposed modifications, they it may discuss them with ANP aiming at adjusting the modifications to be implemented in the Annual Production Program where ANP deems appropriate and according to the Best Practices of the Oil Industry. The Concessionaire will be required to comply with the Annual Production Program containing the modifications eventually determined by ANP. If, at the beginning of the period referred to in certain Annual Production Program, ANP and the Consortium Members Parties are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.511.5, the lowest Production level among those proposed by the Consortium Members Concessionaire and ANP shall be used in any month and until final definition of the Annual Production Program. Revision ANP and the Consortium Members may agree, at any time, on the revision of an ongoing Annual Production Program, provided that such revision complies with the provisions of paragraphs 16.2 to 16.6. When the revision is proposed by ANP, the Consortium Members shall have thirty (30) days of receipt of the notice to discuss it with ANP and submit a revised Annual Production Program.Revision

Annual Production Program. The Annual Production Program shall not provide for a variance equal to or higher than ten percent (10%) of the amount provided for in the Development Plan. Any variance equal to or higher than ten percent (10%) shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start dateStart Date, as provided by under the Applicable Laws and Regulations. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st of each calendar year, as provided by under the Applicable Laws and Regulations. Approval of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program to approve it or request the Consortium Members Concessionaire to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members Concessionaire shall resubmit the Annual Production Program including such changes within thirty (30) days of the date of request, repeating the procedure provided for in paragraph 11.5. If the Consortium Members disagree Concessionaire disagrees with the proposed modifications, they it may discuss them with ANP aiming at adjusting the modifications to be implemented in the Annual Production Program where ANP deems appropriate and according to the Best Practices of the Oil Industry. The Concessionaire will be required to comply with the Annual Production Program containing the modifications eventually determined by ANP. If, at the beginning of the period referred to in certain Annual Production Program, ANP and the Consortium Members Parties are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.511.5, the lowest Production level among those proposed by the Consortium Members Concessionaire and ANP shall be used in any month and until final definition of the Annual Production Program. Revision ANP and the Consortium Members may agree, at any time, on the revision of an ongoing Annual Production Program, provided that such revision complies with the provisions of paragraphs 16.2 to 16.6. When the revision is proposed by ANP, the Consortium Members shall have thirty (30) days of receipt of the notice to discuss it with ANP and submit a revised Annual Production Program.Revision

Annual Production Program. The Annual Production Program shall not provide for a variance equal to or higher than ten percent (10%) of the amount provided for in the Development Plan. Any variance equal to or higher than ten percent (10%) shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start dateStart Date, as provided by under the Applicable Laws and Regulations. Any change equal to or greater than ten percent (10%) in the Annual Production Program regarding the expectations in the Development Plan shall be supported by the Best Practices of the Oil Industry. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st of each calendar year, as provided by under the Applicable Laws and Regulations. Approval of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program to approve it or request the Consortium Members Concessionaire to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members Concessionaire shall resubmit the Annual Production Program including such changes within thirty (30) days of the date of request, repeating the procedure provided for in paragraph 11.5. If the Consortium Members disagree Concessionaire disagrees with the proposed modifications, they it may discuss them with ANP aiming at adjusting the modifications to be implemented in the Annual Production Program where when ANP deems appropriate and according to the Best Practices of the Oil Industry. The Concessionaire will be required to comply with the Annual Production Program containing the modifications eventually determined by ANP. If, at the beginning of the period referred to in certain such Annual Production Program, ANP and the Consortium Members Parties are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.511.5, the lowest Production level among those proposed by the Consortium Members Concessionaire and ANP shall be used in any month and until final definition of the Annual Production Program. Revision ANP and the Consortium Members The Parties may agree, at any time, on the revision of an ongoing Annual Production Program, provided that such revision complies with the provisions of paragraphs 16.2 to 16.611.3 and 11.4. When the revision is proposed by ANP, the Consortium Members Concessionaire shall have thirty (30) days of receipt of the notice to discuss it with ANP and submit a revised Annual Production Program. The provisions of paragraph 11.5 shall apply to any revisions, as appropriate.

Annual Production Program. The Concessionaire shall submit to ANP the Annual Production Program shall not provide for a variance equal to or higher than ten percent the calendar year in which the Production starts at least sixty (10%60) of days before the amount provided for in Production Start Date, under the Development PlanApplicable Laws and Regulations. Any variance equal to or higher than ten percent (10%) shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start date, as provided by the Applicable Laws and Regulations. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st of each calendar year, as provided by under the Applicable Laws and Regulations. Approval of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program to approve it or request the Consortium Members Concessionaire to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members Concessionaire shall resubmit the Annual Production Program including such changes within thirty (30) days of the date of request, repeating the procedure provided for in paragraph 11.5. If the Consortium Members disagree Concessionaire disagrees with the proposed modifications, they it may discuss them with ANP aiming at adjusting the modifications to be implemented in the Annual Production Program where ANP deems appropriate and according to the Best Practices of the Oil Industry. The Concessionaire will be required to comply with the Annual Production Program containing the modifications eventually determined by ANP. If, at the beginning of the period referred to in certain Annual Production Program, ANP and the Consortium Members Parties are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.511.5, the lowest Production level among those proposed by the Consortium Members Concessionaire and ANP shall be used in any month and until final definition of the Annual Production Program. Revision ANP and the Consortium Members may agree, at any time, on the revision of an ongoing Annual Production Program, provided that such revision complies with the provisions of paragraphs 16.2 to 16.6. When the revision is proposed by ANP, the Consortium Members shall have thirty (30) days of receipt of the notice to discuss it with ANP and submit a revised Annual Production Program.Revision

Annual Production Program. The Annual Production Program shall not provide for a variance variation equal to or higher than ten percent (10%) of the amount provided for in the Development Plan. Any variance variation equal to or higher than ten percent (10%) shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start dateStart Date, as provided by the Applicable Laws and Regulations. The Consortium Members Concessionaire shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st of each calendar year, as provided by the Applicable Laws and Regulations. Once the Annual Production Program is submitted, the Concessionaire shall be required to comply with it, without prejudice to the provisions in paragraph 9.6, and any amendments thereto are subject to ANP’s approval. Approval of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program to approve it or request the Consortium Members Concessionaire to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members Concessionaire shall resubmit the Annual Production Program including such changes within thirty (30) days of the date of request. If the Consortium Members disagree Concessionaire disagrees with the proposed modifications, they it may discuss them with ANP aiming at adjusting the modifications to be implemented in the Annual Production Program Program, where ANP deems appropriate and according to the Best Practices of the Oil Industry. The Concessionaire will be required to comply with the Annual Production Program submitted to ANP with the modifications that may have been determined by the Agency, applying to these modifications the procedure provided for in paragraph 11.6. If, at the beginning of the period referred to in certain Annual Production Program, ANP and the Consortium Members Parties are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.511.6, the lowest Production level among those proposed by the Consortium Members Concessionaire and ANP shall be used in any month and until final definition of the Annual Production Program. Revision ANP and the Consortium Members may agree, at any time, on the revision of an ongoing Annual Production Program, provided that such revision complies with the provisions of paragraphs 16.2 to 16.6. When the revision is proposed by ANP, the Consortium Members shall have thirty (30) days of receipt of the notice to discuss it with ANP and submit a revised Annual Production Program.

Annual Production Program. The Annual Production Program shall not provide for a variance equal to or higher than ten percent (10%) of the amount provided for in the Development Plan. Any variance equal to or higher than ten percent (10%) shall be based on the Applicable Laws and Regulations and the Best Practices of the Oil Industry. The Consortium Members shall submit to ANP the Annual Production Program for the calendar year in which the Production starts at least sixty (60) days before the Production start date, as provided by the Applicable Laws and Regulations. The Consortium Members shall submit to ANP the Annual Production Program for the subsequent year for the Field by October 31st Until September 1st of each calendar year, as provided by the Applicable Laws and Regulations. Approval Operator shall deliver to the other Consortium Members the detailed proposal of the Annual Production Program ANP shall have thirty (30) days of receipt of the Annual Production Program Development Area or Field of the Agreemnt Area, which shall be subsequently submitted to approve it or request ANP for analysis and approval, in compliance with the Consortium Members to make terms of Clause Sixteen of the modifications it deems applicableAgreement. If ANP requests modifications, In the Consortium Members shall resubmit the Annual Production Program including such changes within period of thirty (30) days of the date submission of request. If the Consortium Members disagree with the proposed modifications, they may discuss them with ANP aiming at adjusting the modifications to be implemented in the Annual Production Program where ANP deems appropriate and according or earlier, if necessary to meet any deadline applicable under the Best Practices of the Oil Industry. If, at the beginning of the period referred to in certain Annual Production Program, ANP and the Consortium Members are discussing any modifications proposed by ANP due to the application of the provisions in paragraph 16.5Agreement, the lowest Production level among those proposed by Operating Committee shall meet to analyze and resolve on the Consortium Members and ANP shall be used in any month and until final definition review of the Annual Production Program. Revision If the Annual Production Program is approved by the Operating Committee, the Operator shall take the necessary measures to submit it to ANP for analysis and approval. If ANP requires changes in the Consortium Members may agree, at any time, on the revision of an ongoing Annual Production Program, the matter must be submitted again to the Operating Committee for further analysis, following the procedures and deadlines defined in the previous paragraphs. The approved Annual Production Program may be reviewed by the Operating Committee. Whenever a review is approved by the Operating Committee, the Annual Production Program must be changed, and the Operator, when this occurs, must prepare and submit such corrections to ANP. Decommissioning of Facilities Program In the year prior to that provided that such revision complies with for in the provisions Applicable Legislation for the submission of paragraphs 16.2 the Decommissioning of Facilities Program to 16.6. When the revision is proposed by ANP, the Operator shall submit to the other Consortium Members a proposal for the Decommissioning of Facilities Program, detailing the Operations to be carried out in the Agreement Area, and the physical-financial schedule foreseen for the following year. The Operating Committee shall have analyze and resolve on the Decommissioning of Facilities Program within thirty (30) days from the submission. If the Decommissioning of receipt Facilities Program is defined by the Operating Committee, the Operator shall take the necessary measures to submit it to ANP for analysis and approval. If ANP requires changes in the Decommissioning of Facilities Program, the matter must be submitted again to the Operating Committee for further analysis, following the procedures and deadlines defined in the previous paragraphs. Contracting of goods and services The following are ordinary procedures for the contracting of goods and services necessary for the Operations: Procedure A: The direct contracting of suppliers of goods and services of values up to those defined in the table of paragraph 3.30 is allowed, and the installment payment for the contracting of the notice to discuss it with ANP and submit a revised Annual Production Programsame good or service is prohibited.