Oil Production definition
Examples of Oil Production in a sentence
Up to the fifth business day of each month, as of the month following the one in which the Oil Production Start Date for the Field falls, each Contractor shall inform the Manager the amounts sold, the sale prices in the previous month, and the amount of the Reference Prince of Oil, also having to submit the invoices supporting the sales.
Up to the fifth business day of each month, as of the month following the one in which the Oil Production Start Date for the Field falls, each Contractor shall inform the Manager and ANP the amounts sold, the sale prices in the previous month, and the amount of the Reference Prince of Oil, also having to submit the invoices supporting the sales.
A Statement may be delivered by the Buyer to the Supplier by facsimile or electronic means, and shall include the reference number assigned to this Agreement by the Buyer.
Refers to the site where the Inspected Crude Oil Production from the Charapa Field is measured and delivered, which is located in the Charapa Central Station.
Except as provided herein or pursuant to any Commitment Agreements, its gross working interest is undedicated to or fully released from any marketing agreement(s) related to the ▇▇▇▇▇ and/or Owner’s Oil Production, and the ▇▇▇▇▇▇▇ Parties shall have the sole right to purchase and resell Owner’s Oil Production.
Owner shall be responsible for any additional amounts owed for Taxes or Royalties on Owner’s Oil Production by virtue of specific lease or other contractual provisions or legal requirements.
Owner acknowledges that during the term of this Agreement, Owner’s Proportionate Share of the Oil Production from the ▇▇▇▇▇ to be marketed hereunder will be gathered, treated, transported and/or processed, and Owner’s Oil Production to be marketed hereunder will be transported and/or resold, as the case may be, under the Commitment Agreements entered into in compliance with this Agreement throughout the respective terms thereof.
In the event of any such exercise of entitlement, Owner will retain title to Owner’s Excess Oil Production at the Delivery Points, transport and market such Owner’s Excess Oil Production, and be responsible for the payment of royalty and severance taxes, and any other taxes based on production, on such Owner’s Excess Oil Production, and all costs and expenses associated with the transportation and marketing from such Delivery Points of such Owner’s Excess Oil Production.
Subject to the terms and provisions of this Agreement, title to Owner’s Oil Production shall pass from Owner to the Marketing ▇▇▇▇▇▇▇ Party as the Oil Production in question passes through the designated Delivery Points.
Except as provided to the contrary in this Agreement, the ▇▇▇▇▇▇▇ Parties shall make payment of Owner’s Proportionate Share of Taxes and Royalties on Owner’s Oil Production from the ▇▇▇▇▇, provided that the ▇▇▇▇▇▇▇ PARTIES DO NOT THEREBY ASSUME LIABILITY FOR OWNER’S TAXES OR ROYALTIES AND NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS AN ASSUMPTION BY THE ▇▇▇▇▇▇▇ PARTIES, THE MARKETING ▇▇▇▇▇▇▇ PARTY OR THEIR AFFILIATES OF SUCH LIABILITY.