DISCOVERY AND DEVELOPMENT Sample Clauses
DISCOVERY AND DEVELOPMENT. 6.1 In the event of a Discovery of Petroleum in the Area, Operator shall promptly inform the DGPC, and, by further notice in writing within three (3) Months from the date of termination of drilling and testing of the respective Exploration Well inform the DGPC whether or not the Discovery, in the opinion of Operator, merits Appraisal.
6.2 If Operator notifies the DGPC that the Discovery does not merit Appraisal, DGPC shall have the option, on three (3) Months written notice, to require Operator to immediately relinquish the Designated Area unless the Operator has provided valid justification to retain the area covering the Discovery. The Designated Area shall:
(a) not comprise more than the vertical projection to the surface of the geological structure on which the Exploration Well resulting in the Discovery was drilled; and
(b) be determined based on geophysical and other technical information obtained from the Discovery.
6.3 If Operator notifies DGPC that the Discovery merits Appraisal, Operator shall submit to the DGPC for approval within six (6) Months from the date of completion of the Exploration Well resulting in the Discovery, an Appraisal Programme which highlights the Appraisal area and provides for the Appraisal of the Discovery in the most efficient and timely manner.
6.4 Not later than three (3) Months from the date on which the Appraisal Programme has been completed, or within such further period as the DGPC may reasonably allow (taking into account the relevant technical and economic conditions), Operator shall by notice in writing inform the DGPC, whether or not, in the opinion of Operator, the Discovery is a Commercial Discovery or a Significant Gas Discovery.
6.5 Where Operator has not informed the DGPC that the Discovery is a Commercial Discovery or Significant Gas Discovery, the DGPC may, by notice in writing, require Operator to immediately relinquish the Designated Area unless the Operator has provided valid justification to retain the area covering the Discovery. The Designated Area shall be determined as specified in Article 6.2.
6.6 In the event the Operator considers that the Discovery is a Commercial Discovery or a Significant Gas Discovery, Operator will select the Discovery Area or Significant Gas Discovery Area, which should not exceed the geological entity covering the Commercial Discovery or a Significant Gas Discovery subject to the limitations of the Area. The Operator will request DGPC for retention for Significant Gas Di...
DISCOVERY AND DEVELOPMENT. 12.1 If the drilling of an Exploration Well results in a Discovery, the CONTRACTOR shall notify the GOVERNMENT within forty-eight (48) hours of completing tests confirming the presumed existence of such Discovery or within such longer period as the CONTRACTOR reasonably requires to determine whether or not there is a Discovery. Within thirty (30) days following notification of the said Discovery, the CONTRACTOR shall present to the Management Committee all technical data then available together with its opinion on the commercial potential of the said Discovery (the “Discovery Report”). The CONTRACTOR shall provide in a timely manner such other information relating to the Discovery as the GOVERNMENT may reasonably request.
DISCOVERY AND DEVELOPMENT. Where, pursuant to section 30 of the Act, notice has been given to the Minister of a discovery in the contract area, the Contractor shall forthwith inform the Minister of the steps it proposes to take to satisfy the requirements of section 30 (1) (a) (iii) of the Act. Where the Contractor, pursuant to section 31 (1) of the Act, has informed the Minister that, in its opinion, the discovery is of potential commercial interest, the Contractor shall, as soon as practicable thereafter, submit, for the consideration of the Minister, its proposals for an appraisal programme to meet the requirements of section 30 (1) (b) of the Act. Where an appraisal programme has been adopted by the Contractor pursuant to Article 8.2, the Minister - may, on application by the Contractor pursuant to section 31 (2) of the Act, stating reasons therefor, extend the period within which application may be made by the Contractor for a petroleum production licence.
DISCOVERY AND DEVELOPMENT. (a) If Petroleum is discovered in the Contract Area, the Company will, within thirty days from the date on which evaluated test results relating to the discovery are submitted to T.P.D.C., inform T.P.D.C. by notice in writing whether or not the discovery is in the opinion of the Company, of potential commercial interest.
(b) If the Company informs T.P.D.C. that in its opinion the discovery is not of potential commercial interest then T.P.D.C. will have the option to require the Company surrender its rights and be relieved of its obligations in respect of the block or blocks comprising the geological feature (as outlined by the relevant seismic data) in which the discovery is located.
(c) The option aforesaid will lapse if not exercised by T.P.D.C. within twelve months from the date on which notice was given to T.P.D.C. by the Company pursuant to sub-article (a) of this Article and during the said period of twelve months, and any subsequent period if the option lapses without being exercised, the Minister will in respect of the discovery to which that notice relates exempt T.P.D.C. from the requirements of Section 32(2) of the Act.
(d) Where pursuant to sub-article (b) of Article, the Company has surrendered its rights and been relieved of its obligations in respect of any block or blocks in which the discovery is located, notwithstanding that the said block or blocks continue to be subject to the Exploration Licence referred to in sub-article (b) of Article 3, the said block or blocks shall not for the purpose of this Agreement, constitute part of the Contract Area.
(e) Where the Company, pursuant to sub-article (a) of this Article, has informed T.P.D.C. that, in its opinion the discovery of potential commercial interest, the Company will, as soon as practicable thereafter, submit, for the consideration of the Advisory Committee, its proposals for an appraisal programme to meet the requirements of Section 32(2) of the Act.
DISCOVERY AND DEVELOPMENT. (a) If Petroleum is discovered in the Contract Area, Contractor shall;
(i) forthwith notify TPDC of such Discovery; and
(ii) within thirty (30) days after the date of discovery provide TPDC with all available information regarding the Discovery, including a preliminary classification of the Discovery as Crude Oil or Natural Gas as well as its potential commerciality;
(b) If Contractor informs TPDC that, in its opinion, utilizing Good Oilfield Practices, the discovery is of eventual commercial interest and TPDC agrees with such determination, then the Minister shall be advised to agree to allow the Contractor to retain the Discovery Block for the duration of the Exploration Licence and any renewal thereof, provided that:
(i) the determination of eventual and/or potential commerciality shall be based on relevant economic criteria, including but not limited to, potential Petroleum production rates, Petroleum prices, development costs, operating costs as well as any other relevant criteria, as established by the Contractor;
(ii) Contractor shall reassess the commerciality of Discovery every two (2) years, based on the same economic criteria as set out in Article 8(b)(i) above; in case of further discoveries that could be tied and developed together in order to make economies of scale; the Contractor shall inform TPDC accordingly;
(iii) Contractor shall within thirty (30) days after the re-assessment inform TPDC whether it determines the Discovery still to be of eventual commercial interest. TPDC shall inform the Minister the re-assessment study results;
(iv) if the results of Contractor’s re-assessment determine that the Discovery has become of potential commercial interest, the provisions of Articles 8(f) and 8(g) shall apply;
(v) if the results of Contractor’s assessment in the first instance in (b) above or re- assessment determine that the discovery is or remains only of eventual commercial interest, but TPDC considers that it is of present commercial interest, at the election of either Party by notice to the other, the dispute shall be referred for determination by a sole expert to be appointed by agreement between the Parties. If the Parties fail to appoint the expert within thirty (30) days after receipt of such notice, the Parties may apply to The British Energy Institute (formerly British Institute of Petroleum), for appointment of an expert in accordance with its Rules. In each instance, the sole expert to whom the matter in dispute is to be referred...
DISCOVERY AND DEVELOPMENT. 8.1 Where, pursuant to section 30 of the Act, notice has been given to the Minister of a Discovery in the Contract Area, the Contractor shall forthwith inform the Minister of the steps it proposes to take to satisfy the requirements of section 30 (1) (a) (iii) of the Act.
8.2 Where the Contractor, pursuant to section 31 (1) of the Act, has informed the Minister that, in its opinion, the Discovery is of potential commercial interest, the Contractor shall, as soon as practicable thereafter, submit, for the consideration of the Minister, its proposals for an Appraisal Programme to meet the requirements of section 30 (1) (b) of the Act.
8.3 Where an Appraisal Programme has been adopted by the Contractor pursuant to Article 8.2, the Minister may, on application by the Contractor pursuant to section 31 (2) of the Act, stating reasons therefor, extend the period within which application may be made by the Contractor for a Petroleum Production Licence.
8.4 In furtherance to article 8.3 above, if Contractor deem a Non Associated Gas Discovery is of potential commercial interest, the time period between the notice of Discovery provided for in section 31(1) of the Act and the application for grant of a Petroleum Production Licence shall be extended pursuant to section 31(2) of the Act if necessary, to provide reasonable time, as agreed to in friendly negotiations between the Parties and in pursuance of section 33(1) of the Act, to conduct an Appraisal Programme, develop a Natural Gas market, and design and construct facilities necessary to commercialize the Natural Gas. .
8.5 Where the Contractor has made an application to the Minister for a Petroleum Production Licence in respect of any part of the Contract Area in accordance with section 34 (1) of the Act, such application shall be accompanied by the proposals required under section 34 (3) of the Act (hereinafter referred to as “the Development Plan”) and shall satisfy the provisions of section 36 of the Act and the Regulations. The Development Plan shall provide that not later than six (6) months after the grant of the first Petroleum Production Licence, the Contractor shall in consultation with GGMC, prepare and implement a programme for training and employment of Guyanese nationals in each phase and level of Petroleum Operations and for the development of management and technical skills for the safe and efficient conduct of Petroleum Operations.
8.6 Where the Minister considers that the application has not met t...
DISCOVERY AND DEVELOPMENT