Contractual Price definition
Examples of Contractual Price in a sentence
When the Contractual Price of Non Associated Natural Gas is less than or equal to , the Rate will be 0%.
If the Contractor marketed less than fifty percent (50%) of the Crude Oil volume delivered to it in the Period, or if marketing was carried out by the Contractor or the Marketer with Related Parties, the Contractual Price of the Crude Oil will be the average of the prices calculated using the corresponding formula at the date of each marketing transaction, using the marker prices at such date, weighted based on the volume involved in each transaction carried out in the Period.
In case that any volume that the Contractor sells to an Affiliate or a related party is in turn marketed to a third party without any intermediate treatment or processing, the sale price and volume corresponding to such Affiliate or related party transaction with the third party may be considered for the calculation of the Contractual Price of Natural Gas in the Period.
The formulas to calculate the Contractual Price may be updated in this Contract to reflect the structural adjustments in the Hydrocarbons market, based on the information that the Ministry of Finance publishes in the annual report referenced in article 5 of the Hydrocarbon Revenues Law.
If there was no marketing because the volume of Crude Oil produced in the period and registered at the Measurement Point was kept in storage under the ownership of the Contractor or the Marketer, the Contractual Price of Crude Oil will be calculated using the corresponding formula, considering the simple average of the marker prices during the Period.
In case a Crude Oil in the market has the same quality characteristics (same API degrees and sulfur content) than that of the Crude Oil produced in the Contract Area during the corresponding Period, the Contractual Price of Crude Oil will be the one according to subparagraph (c), and will be calculated considering the market price that is Free On Board (FOB), instead of estimated value using the corresponding formula.
In case that any volume that the Contractor sells or delivers to an Affiliate or a related party is in turn marketed to a third party without any intermediate treatment or processing, the sale price and volume corresponding to such Affiliate or related party transaction may be considered in the calculation of the Contractual Price of Crude Oil in the Period.
In case of Natural Gas, the amount of royalties will be determined separately whether it be Natural Gas (methane), or each one of its other components (ethane, propane and butane) considering the rate and the Contract Value for each, determined based on the Contractual Price and the volume of each one of the above mentioned products.
PC, = Contractual Price of Condensates in Period t: The price of Condensates produced in the Contract Area, in Dollars per Barrel, determined each Period at the Measurement Point, in accordance with subsection 1.5 of this Annex 3.
PCC,t = Contractual Price of Condensates during Period t: The price of Condensates produced in the Contract Area, in Dollars per Barrel, determined each Period at the Measurement Point, in accordance with subsection 1.5 of this Annex 3.