Common use of CALCULATION OF THE GROSS PRODUCTION VALUE Clause in Contracts

CALCULATION OF THE GROSS PRODUCTION VALUE. Gross Production Value The Gross Production Value, based on which the Profit Oil shall be defined, shall be calculated for the Field or, when applicable, per Development Module, according to the following formula: Where, GPVm: Gross Production Value for month “m”; VIPo, m: Volume of Inspected Production of Oil for month “m”, in cubic meters; RPo, m: Reference Price of Oil in month “m”; VIPg, m: Volume of Inspected Production of Natural Gas for month “m”, in cubic meters; RPg, m: Reference Price of Natural Gas in month “m”.