Common use of PRODUCTION STATEMENT Clause in Contracts

PRODUCTION STATEMENT. Contractor’s Production Statement shall contain the following information and shall be prepared in accordance with the following principles: (a) The production sharing shall be determined on the basis of all Petroleum produced and saved from the Commercial Field and measured at the Delivery Point or Points during the respective Month in accordance with Article 14 and Annex 4 of the Contract. (b) The volumes of grades of Crude Oil and Natural Gas produced and sold will be determined separately at the Delivery Point. (c) The volumes of Crude Oil shall be corrected for water and sediments, and shall be determined on the basis of standard temperatures and pressures (sixty (60) degrees Fahrenheit and 14.7 p.s.i. a.). The gravity, sulphur content, and other quality indicators of the Crude Oil shall be determined and registered regularly. (d) The volumes of Natural Gas produced and sold shall be determined on the basis of standard temperatures and pressures (sixty (60) degrees Fahrenheit and 14.7 p.s.i. a.). The energy content, sulphur content and other quality indicators of the Natural Gas shall be determined and registered regularly.

PRODUCTION STATEMENT. Contractor’s Production Statement shall contain the following information and shall be prepared in accordance with the following principles: (a) The production sharing shall be determined on the basis of all Petroleum produced and saved from the Commercial Field and measured at the Delivery Point or Points during the respective Month in accordance with Article 14 and Annex 4 of the Contract. (b) The volumes of grades of Crude Oil and Natural Gas produced and sold will be determined separately at the Delivery Point. (c) The volumes of Crude Oil shall be corrected for water and sediments, and shall be determined on the basis of standard temperatures and pressures (sixty (60) degrees Fahrenheit and 14.7 p.s.i. a.). The gravity, sulphur content, and other quality indicators of the Crude Oil shall be determined and registered regularly.. 130 (d) The volumes of Natural Gas produced and sold shall be determined on the basis of standard temperatures and pressures (sixty (60) degrees Fahrenheit and 14.7 p.s.i. a.). The energy content, sulphur content and other quality indicators of the Natural Gas shall be determined and registered regularly.