Field Contractor definition
Examples of Field Contractor in a sentence
If there is more than one Commercial Field, Contractor shall separately identify and charge Petroleum Expenditures to the specific Commercial Field.
Nothing in the Transaction Documents shall have effect or be deemed to have effect to pass title or beneficial ownership of the Equipment or any part thereof or interest to the Lessee, the Sub-Lessee or Enterprise or other Field Contractor except the right to use the Equipment upon the terms and conditions contained in this Agreement and/or the Standby Sub-Lease and/or the applicable Field Contract.
Such insurance shall name the persons insured as required by the Unit Operating Agreement, and Field Contractor shall also require any and all independent contractors performing work or services hereunder to carry insurance required by the Unit Operating Agreement.
In addition, Field Contractor shall procure and maintain in full force and effect the insurance required of the Unit Operator in the Unit Operating Agreement.
All oil sold by competitive bidding pursuant to Article 11 hereof shall be valued and accounted for by the Field Contractor in accordance with its valuation computed in accordance with Section 9(b) hereof, and any excess amount or bonus received by Field Contractor, or by an Person or Persons party to this agreement, from such successful bidder shall be accounted for and paid over to the City as provided in Section 5(d) hereof.
From the time Contractor declares a Hydrocarbon Discovery as a Commercially Exploitable Field, Contractor shall commence the Exploitation Operations in that field within a reasonable period which shall be determined according to the practices and standards of the international oil industry.
Field Contractor shall procure and maintain in full force and effect during the term of this agreement a policy, or policies, of public liability and property damage insurance from a company, or companies, authorized to do business in the State, with minimum limits of One Million Dollars ($1,000,000.00) for death or bodily injury or property damage sustained in any one occurrence.
Field Contractor shall coincidentally with the execution of this agreement, deliver such policies of insurance, or certified or exact image copies thereof, to the City Manager and the State for approval, including approval as to the maximum amount of such policy or policies, and to the City Attorney for approval as to form.
During the exploitation stage of each Commercially Exploitable Field, Contractor shall perform all the necessary operations for the field development and Production Start-up.
The foregoing provision of this Section 9(c) shall not apply to the Field Contractor during the term of any agreement of sale by the Field Contractor, or by another Person or Persons party to this agreement, to a successful bidder pursuant to Article 11 hereof.