Oil Mining Lease definition

Oil Mining Lease means a lease granted to a company, under the Minerals and Mining Act, for the purpose of winning petroleum or any assignment of such lease;[Cap. MI2.]
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Oil Mining Lease means a lease granted by the Minister to a company incorporated in Nigeria, which allows such company to search for, win, work, carry away, and dispose of petroleum;
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Oil Mining Lease. ("OML") means a lease granted by the Minister of Petroleum and Mineral Resources under the Petrxxxxx Xxx 0000, xx a lessee to search for, win, work, carry away and dispose of Petroleum.
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Examples of Oil Mining Lease in a sentence

  • Prime’s main assets are an indirect 8% interest in Oil Mining Lease (“OML”) 127 and an indirect 16% interest in OML 130; both are deep-water Nigeria concessions.

  • The primary assets of Prime are an indirect 8% interest in Oil Mining Lease ("OML") 127 and an indirect 16% interest in OML130.

  • On 8 January 2006, the Company signed a definitive agreement with South Atlantic Petroleum Limited (“SAPETRO”) to acquire a 45% working interest in the Offshore Oil Mining Lease 130 (“OML130”) in Nigeria (the “OML130 Transaction”) and the OML130 Transaction was completed on 20 April 2006.

  • The primary assets of Prime are an indirect 8% interest in Oil Mining Lease ("OML") 127 and an indirect 16% interest in OML 130.

  • NAFCON National Fertilizer Company of Nigeria BTU British Thermal Unit NAOC Nigeria Agip Oil Company NEPA National Electric Power Authority NGC Nigerian Gas Company NGL Natural Gas Liquids NNPC Nigerian National Petroleum Corporation NPDC Nigerian Petroleum Development Company OML Oil Mining Lease OPL Oil Prospecting Licence Petrochem.

  • Under paragraphs 8, 9, 10, 11, 12 and 13 of the 1st schedule, petroleum act, the holder of Oil Mining Lease enjoys all the rights of an OPL holder.

  • To retain the acreage and execute the drilling of the third well, the operator (SOIL) had obtained the Oil Mining Lease (OML) of the said block on 25.06.2009.

  • In June 2014, CINRL was selected as the winning bidder for a 45% participating interest in active Oil Mining Lease 25 (“OML 25”) in the Niger Delta region, offered by joint venture partners The Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and Nigerian AGIP Oil Company Limited (collectively the “Shell JV”).

  • Prime’s assets include an indirect 8% interest in Oil Mining Lease (“OML”) 127 and an indirect 16% interest in OML130.

  • The main asset of Eland Oil and Gas Plc is Oil Mining Lease 40 located in the Niger Delta.


More Definitions of Oil Mining Lease

Oil Mining Lease. (“OML”) means a lease granted by the Minister under the Petroleum Act CAP 350, Laws of the Federation of Nigeria as amended, to a lessee to search for, win, work, carry away and dispose of petroleum.
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Oil Mining Lease has the same meaning attributed to such term in the Xxxxxxxxx Xxx 0000, as amended.
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Oil Mining Lease or “OML” means a lease issued by the Nigerian government upon conversion of an Oil Prospecting Licence giving the lessee the exclusive right to produce petroleum from the geographical area covered by the Oil Mining Lease;
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Oil Mining Lease means an Oil Mining Lease resulting from the OPL obtained in accordance with the laws of the Federal Republic of Nigeria.
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Oil Mining Lease means a lease granted to a company, under the Minerals Act or the Petroleum Act, for the purpose of winning petroleum or any assignment of such lease; Cap. 226 [M12]
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Oil Mining Lease means a lease granted to a company, under the Minerals Act or the Petroleum Act, CAP N12, LFN 2004 for the purpose of winning petroleum or any assignment of such lease;
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Related to Oil Mining Lease

  • Mining Lease means the mining lease granted pursuant to Clause 12 and includes any renewal thereof and according to the requirements of the context shall describe the area of land demised as well as the instrument by which it is demised;

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • Operating Lease means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee which is not a Capital Lease.

  • Existing Lease shall have the meaning assigned thereto in Section 10.7.

  • Sub-Lease means the sub-lease entered into following the approval of an Approved Sub-lease;

  • Existing Leases means those leases, license agreements and occupancy agreements identified on Schedule 2.1.3, as the same may be amended or modified from time to time in accordance with the terms of this Agreement.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Lease Agreement means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. Unless the context clearly indicates otherwise, the term includes a sublease agreement.

  • Facility Lease means a lease or master lease with respect to any Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor, to a third party Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that such Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental payments required thereunder such that net operating income to the applicable Consolidated Party for such Real Property Asset (before non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and substance reasonably satisfactory to the Administrative Agent.

  • mineral lease means the mineral lease referred to in clause 8(1)(a) hereof and includes any renewal thereof;

  • Real Property Lease means any lease, sublease, license or other Contract with respect to Real Property.

  • Oil and Gas Leases means all leases, subleases, licenses or other occupancy or similar agreements (including any series of related leases with the same lessor) under which a Person leases, subleases or licenses or otherwise acquires or obtains rights to produce Hydrocarbons from real property interests.

  • Site Lease means the lease of part of the Site from the Minister for Finance on behalf of the State to the Company;' ;

  • Master Leases means the PropCo Master Leases and each other Material Master Lease.

  • Wet Lease means any arrangement whereby Owner or a Permitted Lessee agrees to furnish the Aircraft, Airframe or any Engine to a third party pursuant to which the Aircraft, Airframe or Engine shall at all times be in the operational control of Owner or a Permitted Lessee, provided that Owner’s obligations under the Trust Indenture shall continue in full force and effect notwithstanding any such arrangement.

  • Company Leased Real Property has the meaning set forth in Section 3.14(b).

  • Sublease means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Sublease Agreement shall have the meaning specified in Section 8.2(b).

  • Master Lease Agreement has the meaning set forth in Section 7.2(c)(xiv).

  • Master Lease means any master lease now or hereafter entered into, in which the Healthcare Facility is aggregated with other HUD-insured healthcare facilities and leased to a Master Tenant and any amendments or joinders thereto.

  • Concession Agreement means the Concession Agreement referred to in Recital (A) above and annexed hereto as Annex-A, and shall include all of its Recitals and Schedules and any amendments made thereto in accordance with the provisions contained in this behalf therein;

  • Material Leased Real Property shall have the meaning assigned to such term in Section 5.10(b).

  • Ground Leases Those certain leases with respect to real property that is a portion of the Leased Property, pursuant to which Landlord is a tenant and which leases have either been approved by Tenant or are in existence as of the date hereof and listed on Schedule A hereto.

  • Company Lease means any lease, sublease, sub-sublease, license and other agreement under which the Company or any of its Subsidiaries leases, subleases, licenses, uses or occupies (in each case whether as landlord, tenant, sublandlord, subtenant or by other occupancy arrangement), or has the right to use or occupy, now or in the future, any real property.