Garmian PSC definition

Garmian PSC means the Production Sharing Contract which was entered into by WZL and the KRG on July 25, 2011 with respect to the Garmian Block as further amended by WZL, the KRG and Gazprom Neft on July 31, 2012;
Sample 1
Garmian PSC means the Production Sharing Contract among WZL, Gazprom Neft Middle East B.V. and the KRG dated July 25, 2011 (as subsequently amended on July 31, 2012) with respect to the Garmian Block;
Sample 1
Garmian PSC means the Production Sharing Contract which was entered into by WesternZagros Limited and the Kurdistan Regional Government on July 25, 2011 with respect to the Garmian Block, as amended by the TPI Assignment, Novation and First Amendment Agreement with respect to the Garmian PSC dated July 31, 2012 among WesternZagros Limited, the Kurdistan Regional Government and Gazprom Neft Middle East B.V.;
Sample 1

Examples of Garmian PSC in a sentence

  • The Company has concluded the second exploration sub-period of the Garmian PSC with the completion of drilling and testing activities at Baram-1.

  • The Company expects its net entitlement for any oil exports to be based upon the terms of the Garmian PSC, however the Company has not yet been paid for the exported oil.

  • The KRG accepted the DoC and, accordingly, the development period of the Garmian PSC commenced effective December 23, 2013.

  • The Company holds a 40 percent interest in the Garmian PSC, the KRG holds a 20 percent interest and the remaining 40 percent interest is held by Gazprom Neft Middle East B.V. (“Gazprom Neft”).

  • Working Interest (Gross) Reserves are estimated based on economically recoverable volumes within the development/exploitation period specified in the Garmian PSC.

  • Pursuant to the terms of the Garmian PSC, at the end of the Exploration Period, operatorship is to transition from WesternZagros to Gazprom Neft, with the parties anticipating the transfer of operatorship to be completed by December 31, 2014.

  • Per the terms of the Garmian PSC, the KRG now has 60 days after submission, on a best efforts basis, to approve the development plan.

  • Under the terms of the Garmian PSC (as amended), the Company received an initial payment of $82.9 million from Gazprom Neft, comprised of $94.1 million for the Gazprom Neft’s share of back-costs in regards to gross costs incurred on the Garmian Block for the period January 1, 2011 to May 31, 2012 (i.e. including funding half of the KRG’s interest) less $11.2 million for Gazprom Neft’s share of Recovery Oil from the historic sales of test oil from the Sarqala-1 EWT.

  • WesternZagros holds a 40 percent working interest in both PSCs. The KRG holds a 20 percent working interest in both PSCs. The remaining 40 percent third party participant interest in the Garmian PSC is held by Gazprom Neft Middle East B.V. (“Gazprom Neft”).

  • The Company received $0.25 million of gross proceeds ($0.1 million of net proceeds) in advance from the buyer and settled the KRG’s and Gazprom Neft’s net entitlements in accordance with the production sharing terms of the Garmian PSC.

Related to Garmian PSC

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