The Market Price. applicable to all liftings of Crude Oil during a Quarter shall be calculated at the end of that Quarter and shall be equal to the weighted average of prices obtained by the Parties comprising the Contractor for Crude Oil sold to or purchased from third parties on an arm’s length basis during that Quarter, further adjusted as necessary to reflect differentials in quality, gravity, quantity, delivery conditions and terms of payment; provided that, the quantities sold to or purchased from third parties during that Quarter constitute at least fifteen percent (15%) of the total quantities of Crude Oil won and saved from all the Fields under this Contract and sold or purchased during such Quarter.
Appears in 4 contracts
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