Examples of Development and Production Period in a sentence
The Contractor is, subject to the provisions of the Agreement, authorised to conduct the Production within the Contract Area during the Development and Production Period.
The Licensee or the Commissioner may from time to time during a Development and Production Period propose amendments to the then prevailing Approved Development and Production Plan, including for the purposes of incorporating a Satellite Development.
During the Development and Production Period Contractor shall bear all costs of the Operating Company related to the conduct of internal inspections, inventories, audits, reorganisations, structural changes and the like and such costs shall not be Cost Recoverable unless the conduct of such internal inspections, inventories, audits, reorganisations, structural changes and the like is approved by the Steering Committee.
The Development and Production Period may, at the absolute discretion of the Commissioner, on application by the Licensee made not later than 12 months before the date on which the Development and Production Period would otherwise expire, be extended by the Commissioner in respect of the Development and Production Area for ten (10) years on such terms and conditions as he or she may determine.
The Development and Production Period for the offered blocks would be a maximum of 20 (twenty) years from the grant of Mining Lease (“ML”) or till economic life of the field as per submitted development plan, unless the Contract is terminated earlier in accordance with its terms, but may be extended upon mutual agreement between the parties for a further period of 10 (ten) years or such other shorter period as mutually agreed based on the estimated remaining economic life of the Block.