Gas Joint Account definition
Examples of Gas Joint Account in a sentence
Such statements will reflect all charges and credits to the Oil Joint Account and the Gas Joint Account, summarized by appropriate classifications indicating the nature thereof, detailed to permit application of costs and expenses to wells, fields, or other appropriate designations as may be specified by the Unit Operating Committee.
The portion of indirect East Kalimantan expenses in a year allocated to the Unit Area will be further allocated to the Oil Joint Account and the Gas Joint Account, respectively, in the ratio of total direct expenditures for the Oil Unit and the Gas Unit during such year.
When the use of Material is temporary and its service to the Joint Property does not justify the reduction in price as provided for in Paragraph 3 of this Section VI, such material shall be priced on a basis that will leave a net charge to the Oil Joint Account and/or Gas Joint Account, as applicable, consistent with the value of the service rendered.
In case of defective Material, credit shall not be passed to the Oil Joint Account or the Gas Joint Account until adjustment has been received by Operator from the manufacturers or their agents.
Common direct ▇▇▇▇▇ Unit operating expenses incurred dur- ing a year for the benefit of the Oil Unit and the Gas Unit will be allocated to the Oil Joint Account and the Gas Joint Account, respectively, in the ratio of direct expenditures for the Oil Unit and the Gas Unit during such year.
Operator may charge the Oil Joint Account and/or the Gas Joint Account for indirect costs by use of an allocation of area expense as follows: The indirect costs charged by Operator to East Kalimantan operations in a year will be the amount of indirect charges allocated to such area in such year under the provisions of the Huffco Operating Agreement, as the same may be amended from time to time.
OPERATORS Material purchased by either the Operator or Non-Operator shall be credited by the Operator to the Oil Joint Account and/or Gas Joint Account, as applicable, for the month in which the Material is removed by the purchaser.
Operator's cost of holiday, vacation, sickness compensatory rest time, overseas differential, re- location allowances, allowances for housing and living disability benefits and other customary allowances paid to the employees whose salaries and wages are chargeable to the Oil Joint Account and/or the Gas Joint Account under Paragraph 2A of this Section II.
Operator will charge the Oil Joint Account and/or Gas Joint Account, as applicable, for the cost of all equipment and facilities used directly or indirectly in Oil Unit or Gas Unit operations.
The Oil Joint Account and the Gas Joint Account shall bear losses and credits sustained on foreign exchange incurred by Operator in the performance of operations under the Agreement to which this Unit Accounting Procedure is attached.