Partial Relinquishment. Contractor shall have no unilateral right to relinquish a part of the Contract Area. In the event the Steering Committee decides not to develop any portions of the Contract Area, the Parties will discuss the possibility of partial relinquishment on mutually agreed terms. In the event of partial relinquishment pursuant to this 30.5, nothing in this Agreement shall restrict the right of Contractor to recover, out of the production from the remainder of the Contract Area not relinquished, any amount of Petroleum Costs incurred in connection with the portion of the Contract Area relinquished which has not been recovered at the date of such relinquishment.
Appears in 2 contracts
Sources: Joint Development and Production Sharing Agreement, Joint Development and Production Sharing Agreement