First Oil definition

First Oil means, in respect of each Development and Production Area, the date on which production of Hydrocarbons under a program of regular production, lifting and sale commences.

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First Oil means the first date on which any Petroleum (as defined in the Contract) is produced and saved under the Contract.

First Oil means the event upon which Petroleum is being introduced in the process plant of the FPSO and has passed the Entry Points;

Examples of First Oil in a sentence

First Oil: date at which the first measurement of volumes of Oil and Natural Gas takes place in one of the Production Measuring Points in each Module of the Development Stage.
For purposes of determination of the Local Content, the Development Phase shall start on the date of submission of the Declaration of Commercial Feasibility and shall end, for each Development Module, upon the first of: the lapse of ten (10) years after the Flow of First Oil; the abandonment by the Concessionaire of the Development of the Development Module; or the investments set forth in the Development Plan, except those related to field abandonment.
First Oil: date of the first measurement of volumes of Oil and Natural Gas at one of the Production Measurement Points, in each Development Module.
For purposes of determination of the Local Content, the Development Phase shall start on the date of submission of the Declaration of Commercial Feasibility and shall end, for each Development Module, upon the first of: the lapse of ten (10) years after the Flow of First Oil; withdrawal, by the Contractor, of the Development for the Development Module; or the investments set forth in the Development Plan, except those related to field abandonment.
It will end, for each Module of the Development Phase, with the first of the following occurrences: ten (10) years after the First Oil Extraction; withdrawal, by the Contractors, of the Development Module Development; or the realization of the investments foreseen in the Development Plan, except those relating to abandonment of the field.
For purposes of evaluation of the Local Content, the Development Phase shall start on the submission date of the Declaration of Commercial Feasibility and shall end, for each Development Module, upon the first of: the lapse of ten (10) years after the Flow of First Oil; withdrawal, by the Contracted Party, from the Development of the Development Module; or performance of the investments set forth in the Development Plan, except those related to the abandonment of the Field.
Department of Labor, Bureau of Labor Statistics, corresponding to the month of the signature of the Contract; The first update of the amounts of the prices of the Tender Protocol will be held in the month prior to the Extraction of First Oil, with the last index number published.
The surveys should consider: That, with at least 60 days after the date of the First Oil Extraction, or the beginning of the Production in Long-Duration Tests, the Operator should start the process for the determination of the ownership.
For purposes of evaluation of the Local Content, the Development Phase shall start on the submission date of the Declaration of Commercial Feasibility originating the field and shall end, for each Development Module, upon the first of: the lapse of ten (10) years after the Flow of First Oil; withdrawal, by the Contracted Party, from the Development of the Development Module; or performance of the investments set forth in the Development Plan, except those related to the abandonment of the field.
The Company and Contractor shall agree on the OPEX budget for each calendar year, the first year being the year ending 31st December in which First Oil is achieved.

More Definitions of First Oil

First Oil shall have the meaning ascribed in Clause 3.1.2(a);