Annual Work Programme definition
Examples of Annual Work Programme in a sentence
For planning purposes Contractor shall provide in the Annual Work Programme an estimate of the amount of Petroleum it anticipates will be used for the optimum implementation of Petroleum Operations.
The Steering Committee shall meet within thirty (30) days of receipt of the Annual Work Programme and Budget to consider same and any revisions thereto and to approve the Annual Work Programme and the Budget in its final form.
Expenditures by Contractor pursuant to this Article 6.8 shall be part of the relevant Annual Work Programme and Budget and shall be included as Petroleum Costs; however, the aforesaid expenditures less than two hundred thousand (200,000) Dollars in any year shall not be Cost Recoverable.
Except as provided in this Article 5.3 and in Article 5.4, Contractor shall not conduct any operations which deviate materially from the applicable Annual Work Programme and Budget without the prior consent of the Steering Committee.
If during the implementation of the Annual Work Programme Contractor estimates that it will use more than ten (10) percent over and above the amount estimated, Contractor shall submit its proposals for the revised estimate to the Steering Committee for its review and approval.
It is agreed by SOCAR and Contractor that knowledge acquired as the work proceeds or from certain events may justify changes to the details of the Annual Work Programme and Budget; thus Contractor may at any time propose to the Steering Committee an amendment to the Annual Work Programme and Budget.
The Operating Company shall have, to the extent authorised by Contractor, the right to subcontract any day to day work required to implement any Annual Work Programme.
In accordance with the other provisions of this Agreement, after approval of an Annual Work Programme, Contractor shall conduct the Petroleum Operations in accordance therewith.
Consistent with the foregoing, and taking into account local experience in managing similar reservoirs, Contractor shall submit for agreement of the Steering Committee, at the same time as it submits the Annual Work Programme and Budget to the Steering Committee, Contractor's estimate of the relevant Calendar Year's production volume, but such agreed estimate shall be used for planning purposes only.
This statement will distinguish between the Exploration Costs, the Development Costs and the Production Costs budgeted for each Quarter and will correspond to the individual entries for Oil Operations included in the Annual Work Programme.