Part Area Owner definition
Part Area Owner means a Party which has a beneficial interest in one or more Part Areas, as further defined in Schedule 2; “Secretary” means the “Minister” as defined in the Licence, or, in relation to the exercise of the regulatory functions under the Acts, the person designated to exercise such functions, as the case may be; “Senior Supervisory Personnel” means any person employed by a Party as a director or other corporate officer or who occupies a senior managerial position in such Party with direct responsibility for the conduct of operations in relation to the Upper Layers or the Lower Layers; “Upper Layers” means [ ]; “Wilful Misconduct” means, in relation to a Party, an intentional or conscious or reckless disregard by its Senior Supervisory Personnel of good and prudent oil and gas field practice or of any of the terms of this Agreement in utter disregard of avoidable and harmful consequences but shall not include any act, omission or error of judgment or mistake made in the exercise in good faith of any function, authority or discretion vested in or exercisable by such Senior Supervisory Personnel and which in the exercise of such good faith is justifiable by special circumstances including but not limited to safeguarding of life, property or the environment and other emergencies.
Examples of Part Area Owner in a sentence
Each Part Area Owner undertakes to comply with all applicable provisions and requirements of the Licence and of any applicable laws and regulations relating to activities and operations in respect of its Part Area.