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.
Appears in 5 contracts
Samples: Consortium Agreement, Consortium Agreement, Consortium Agreement
