SCOPE AND DEFINITIONS SCOPE Sample Clauses

SCOPE AND DEFINITIONS SCOPE. 1.1. This contract is a production sharing contract subject to the Treaty, including the Petroleum Mining Code. The Joint Authority shall be responsible for the management of the operations contemplated hereunder in accordance with its management functions defined under the Treaty, including the Petroleum Mining Code. The contractor appoints and authorizes (name of corporation to be the contract operator), being one of the contracting corporations, to be the contract operator who, on behalf of the contractor, shall be responsible to the Joint Authority for the execution of petroleum operations in accordance with the provisions of this contract, and is hereby appointed and constituted as the exclusive corporation to conduct petroleum operations. The contractor shall provide all human, financial and technical resources required for the performance of petroleum operations authorized by the contract, and shall therefore have an economic interest in the development of the petroleum pools in the contract area and be entitled to share in petroleum produced from the contract area in accordance with the provisions of Section 7 of this contract. 1.2. Except for expenditures on capital costs for the development of petroleum pools, the contractor shall not incur interest expenses to finance petroleum operations. DEFINITIONS 1.3. Words and terms used in this contract shall have the same meaning as those defined in the Treaty, including the Petroleum Mining Code set out in Annex B to the Treaty, except where a new definition is expressly provided for in this contract.
Sample 1
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