Commercial Discovery definition

Commercial Discovery means a Discovery of Petroleum reserves which has been declared as a Commercial Discovery in accordance with the provisions of Article 10 and/or Article 21.

Commercial Discovery means any Discovery, which has been declared to be commercial by the Contractor;

Commercial Discovery means a Discovery that the Contractor has determined to be economically viable and so submits a Development and Production Plan for such Discovery for the approval of the Ministry.

Examples of Commercial Discovery in a sentence

• The Cost Oil for the Extended Well Tests shall be recovered only in case of Commercial Discovery.

• The expenditures incurred during exploration activities, including those derived from exploration failures, shall be recovered as Cost Oil only if there is at least one Commercial Discovery in the Contract Area.

• The Contractor shall develop the Commercial Discovery in accordance with the approved Development Plan.

• Once the Discovery Assessment is completed, the Consortium Members shall submit to ANP a Final Discovery Assessment Report, which shall indicate and justify any proposal for withholding of the Development Area of the Commercial Discovery.

• The Contractor shall be responsible for the original acquisition of the volume corresponding to the due Royalties and, in case of Commercial Discovery, the Cost Oil.

More Definitions of Commercial Discovery

Commercial Discovery means any Discovery that is sufficient to entitle the Parties to apply for authorization from the Government to commence exploitation.

Commercial Discovery means the discovery of petroleum within the 45 exploration area in such quantities as will permit the economic development thereof, on its own or in combination with other existing discoveries or as part of a unitised development;

Commercial Discovery means a commercial discovery of Petroleum as defined in the Rules.

Commercial Discovery means a discovery of petroleum which has been duly evaluated in accordance with the provisions of clause 0, and which can be produced commercially according to best petroleum industry practice, after the consideration of all pertinent technical and economic data;

Commercial Discovery means a discovery that is potentially commercial when taking into account all technical, operational, commercial and financial data collected when carrying out appraisal work or similar operations, including recoverable reserves of petroleum, sustainable regular production levels and other material technical, operational, commercial and financial parameters, all in accordance with prudent international petroleum industry practices.

Commercial Discovery means a discovery of Petroleum that the Contractor declares commercial as contemplated in sub-Article 4.10;

Commercial Discovery means the discovery of a Petroleum deposit judged by Contractor to be worth developing in accordance with the provisions of the Agreement.