Abandonment Plan definition

Abandonment Plan means Plan for Abandonment pursuant to Article 42.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Abandonment Plan means the plan for the demobilisation and abandonment of the facilities and infrastructures associated with the production of Hydrocarbons, in accordance with the provisions of Article 20.

Abandonment Plan has the meaning given in Article 7.13. Affiliate means, with respect to any entity, (i) any Person that directly or indirectly Controls or is Controlled by such entity, or (ii) any Person that is under direct or indirect common Control with such entity.

Examples of Abandonment Plan in a sentence

• Said Abandonment Plan shall be updated within the context of the Annual Work Programs and Budget in accordance with article 5, taking into account operational developments and changes in Best Industry Practice of the international petroleum industry.

• Such Abandonment Plan shall be annually reviewed by the CONTRACTOR to take into account especially the evolution of technical and financial parameters.

• In the event that the cumulative amount of the escrow account is insufficient to perform the abandonment operations in the Delimited Region, the Contractor shall be required to satisfy the additional charges and expenses necessary to complete said operations within the term specified in the Abandonment Plan.

• The Abandonment Plan and its revisions shall be submitted to the STATE for approval.

• However, the abandonment project shall be carried out in accordance with the Abandonment Plan.

• Pursuant to Section 44 of the Petroleum Code and subject to the exceptions identified in Article 21.2.2 below, the CONTRACTOR shall, before the expiration of the Exploitation Authorisation in question, undertake the Abandonment work in accordance with the Abandonment Plan.

• The Contractor’s Abandonment Plan shall take into account this removal obligation.

• Each Abandonment Plan must include an assessment of risks and any uncertainties associated with the abandonment operations, identify the alternative and the preferred abandonment options, provide an estimated cost for each of the options, summarize the reasons for the selection of the preferred abandonment option, and address the social aspects of abandonment and remediation or restoration.

• Developer shall prepare and maintain, for the Term, a Demolition and Abandonment Plan that considers type and sizes of Utilities and drainage structures that will be abandoned during the Term.

• The Parties shall exercise their good faith judgment to set the amounts of contribution(s) for the Abandonment Fund so that it shall be of sufficient size to cover the expenses to be incurred under Preliminary Abandonment Plan and Budget, and subsequent revisions made under Article 41.2.b as well as the final Abandonment Plan approved under Articles 41.10 – 41.12.

More Definitions of Abandonment Plan

Abandonment Plan means a plan prepared by Contractor or anyone designated by and on behalf of Contractor for the Abandonment of the ▇▇▇▇▇, facilities and equipment used for the Petroleum Operations.

Abandonment Plan means the plan referred to in Article 41; "Accounting Procedure" means the procedure set out in Annex C;

Abandonment Plan means the plan for the closure of oil operations, according to Article 75º of Law n. º 10/04, of 12th November;

Abandonment Plan means the plan required by clause 14(2)(a) to accompany an application for approval to abandon a railway line;

Abandonment Plan means the initial and subsequently the permanent plan for Abandonment pursuant to Article Error! Reference source not found.;

Abandonment Plan has the meaning attributed to it in article 20.7. 1.33 POINT OF DELIVERY OF NATURAL GAS means a point of transfer agreed upon by the Parties at the time the development and production plan is submitted.