SYSTEMATIZATION OF THE COST OIL Sample Clauses

SYSTEMATIZATION OF THE COST OIL. 4.1. The Cost Oil shall be controlled through an information system, managed and designed by the Manager and fed by the Operator, referred to as Production Sharing Expenditure Management System (SGPP).
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SYSTEMATIZATION OF THE COST OIL. The Cost Oil shall be controlled through an information system, managed and designed by the Manager and fed by the Operator, referred to as Production Sharing Expenditure Management System (SGPP). The SGPP shall also be the instrument for managing compliance with the Local Content. The Operator shall feed the SGPP in the format, detail, and frequency determined by the Manager, with all expenditures incurred during the immediately preceding period. The frequency for feeding the SGPP shall be no more than monthly. The Operator shall feed the SGPP with such entries by the twenty-fifth (25th) day of the month following the entries. Monetary data shall be entered into the SGPP in national currency. In case of purchase of goods and services and other payments in foreign currency, the SGPP shall be fed in national currency, converted at the official buying exchange rates set by the Central Bank of Brazil on the date of the expenditure. The Manager shall have fifteen (15) days of receipt of the consolidated expenditure database to request additional information to the Operator. Upon receipt of the information requested, the Manager shall have fifteen (15) days to justify any failure to recognize expenditures as Cost Oil. Entries not challenged within fifteen (15) days shall be recognized as Cost Oil. The Contracted Parties may request review of the Manager’s decision as stipulated in the Internal Regulations of the Operating Committee. The Manager’s actions in recognizing the expenditures shall become final after lapse of the five (5)-year period of prescription or upon its verification through Audit of the Cost and Profit Oil. The Operator shall make available to the Manager and ANP, for ten (10) years after the effectiveness of the Agreement ends, all records supporting the amounts entered into the system. Calculation of the Federal Government's Profit Oil The Operator shall enter into the SGPP, by the fifth (5th) business day of each month, among others, the following Production data for the immediately preceding month: Production volume; Reference Prices of Oil and of Natural Gas; amounts of Royalties due; Production of each producing well, especially xxxxx showing restricted production; and average daily productivity of the xxxxx in the Contract Area, as well as specification of producing xxxxx, except for xxxxx with production restricted due to technical and operational issues and that are incurring losses, at PPSA’s discretion. By the last business day of e...
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SYSTEMATIZATION OF THE COST OIL. The Cost Oil shall be controlled through an information system, managed and designed by the Manager and fed by the Operator, referred to as Production Sharing Expenditure Management System (SGPP). The SGPP shall also be the instrument for management of the compliance with the Local Content. The Operator shall feed the SGPP in the format, detail, and frequency determined by the Manager, with all expenditures incurred during the immediately preceding period.
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