Drilling operation definition

Drilling operation means oil and gas drilling and production operations and any associated activities that generate oilfield special waste.

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Drilling operation means all operations as generally understood for drilling Oil/Gas wells, more particularly all the operations required to be carried out pursuant to this Contract.

Drilling operation means the boring, piercing, or penetration into an underground geologic formation.

Examples of Drilling operation in a sentence

• The Participating Parties in the Deeper Drilling operation shall bear the Costs (including plugging back Costs) necessary to place the well in proper condition for its completion in the zone at or above the Deepest Producible Reservoir.

• The Participating Parties in the Deeper Drilling operation shall assume their proportionate share of the Non-Participating Party's Share of the Costs of other operations conducted under this Agreement until all overinvestments are eliminated.

• If a well drilled below the deepest Producible Reservoir is damaged to the extent that it is rendered incapable of being completed and produced at or above the deepest Producible Reservoir in that well, the Participating Parties in the Deeper Drilling operation shall be obligated, at their sole Cost and risk, to restore the well to its condition prior to the Deeper Drilling operations below the deepest Producible Reservoir.

• If a proposal is approved pursuant to Article 13.4, any Party may either; (a) make an Election to participate in the proposed Deeper Drilling operation; (b) make an Election not to participate in the proposed Deeper Drilling operation; or (c) make an Election to limit its participation to drilling to the base of the deepest Producible Reservoir to be penetrated by the Deeper Drilling operation.

• The Non-Participating Parties in the Deeper Drilling operation shall assume their proportionate share of the Participating Party's Share of the Costs of other operations conducted under this Agreement until all overinvestments are eliminated.

• If all the Participating Parties in the well do not agree that multiple well completions are possible or practicable, the Non-Participating Party in the Deeper Drilling operation shall be deemed overinvested in the original well in an amount equal to the Non-Participating Party's Share of the original Costs of drilling the well to the deepest Producible Reservoir.

• The Non- Participating Parties in the Deeper Drilling operation shall assume their proportionate share of the Participating Party's Share of the Costs of other operations conducted under this Agreement until all overinvestments are eliminated.

• The overinvestment shall be depreciated at the rate of one-half percent (.50%) per month from the date the Deeper Drilling operation commences to the earlier of the date of (i), (ii) and (iii) above, but such depreciation shall not reduce the overinvestment below forty percent (40.0%) of the original overinvestment.

• If a proposal is approved pursuant to Article 11.4 above, any Party may either; (a) make an Election to participate in the proposed Deeper Drilling operation; (b) make an Election not to participate in the proposed Deeper Drilling operation; or (c) make an Election to limit its participation to drilling to the base of the deepest Producible Reservoir to be penetrated by the Deeper Drilling operation.

• The overinvestment shall be depreciated at the rate of one- half percent (.50%) per month from the date the Deeper Drilling operation commences to the earlier of the date of (i), (ii) and (iii) above, but such depreciation shall not reduce the overinvestment below forty percent (40.0%) of the original overinvestment.

More Definitions of Drilling operation

Drilling operation means a continuous effort to drill or deepen a well bore for which the commission has issued a permit.

Drilling operation means the drilling of a hole for the purpose of obtaining stratigraphic information in connexion with the search for petroleum in Australia;

Drilling operation has the meaning assigned to such term in the definition of Capital Costs.

Drilling operation means the actual drilling or redrilling of an oil or gas well and the related preparation of the drilling site and access roads, which requires entry upon the surface estate;

Drilling operation means any drilling operation, not within the area of a mining lease, carried out from the surface in the course of searching for minerals, quarry products or geothermal resources, and includes the preparation and restoration of drill sites;