Preparation and Decision Clause Samples

Preparation and Decision. At such time as the Operating Committee determines that a proposal for a development Programme and Budget for one or more storage sites shall be prepared, it shall direct the Operator to carry out such preparations. The Operating Committee shall establish a sub committee to supervise the preparations. The Operator shall keep this sub committee fully informed about the progress of the work and submit major decisions for the consideration of the sub committee. The proposal shall include: (a) a description of the site(s) to be used for storage with detailed analysis and evaluations of geological conditions, technical aspects of the reservoir and storage, and economic factors; (b) a storage plan with particulars concerning the potential date for commencement of storage and the potential magnitude of the annual storage capacity for each Year the storage site could sustain in operation. If the plan encompasses more than one storage site, such particulars shall be given for each storage site covered by the plan as well as for the cumulative storage anticipated under the plan; (c) a general description of the facilities planned to be installed, including the number and type of ▇▇▇▇▇, and equipment for measurement, storage and processing, and of pipelines between individual parts of the facilities, as well as a more detailed description of the transportation system planned for the CO2 to be stored; (d) a risk analysis for the planned facilities with a statement of measures to be taken to reduce identified risks; (e) a plan for the manner in which the development project is to be carried out, including a time schedule and organisational plan for the execution of the project; and (f) a detailed description of any elements of uncertainty in the project with respect to capacity, the time schedule, economics etc., together with all other data, studies, interpretations, map models etc., which may be necessary for an evaluation of the project. The proposed Programme and Budget shall be put before the Operating Committee as soon as possible after their preparation. If the proposed Programme and Budget are approved, each of the Parties shall, within the next one hundred (100) days or such longer period as may be determined by the Operating Committee (however, not exceeding one hundred and eighty (180) days), declare in writing to the other Parties whether it will participate in the development and the expenses thereof to the extent of its Percentage Interest share. The Prog...