Petroleum Costs definition

Petroleum Costs means those expenditures made and obligations incurred by the Contractor in carrying out Petroleum Operations hereunder, determined in accordance with this Contract and the Accounting Procedure attached hereto in Appendix "B" and made a part hereof;

Petroleum Costs means recoverable costs and expenditures incurred and payments made by Contractor and/or Operator in connection with or in relation to the conduct of Petroleum Operations (except corporate income taxes paid in the Republic of Iraq or elsewhere, or as otherwise stipulated herein) determined in accordance with the provisions of this Contract and the Accounting Procedures.

Petroleum Costs means costs incurred by the CONTRACTOR and by the STATE, if applicable, for the performance of Petroleum Operations pursuant to this Contract and to the Accounting Procedure.

Examples of Petroleum Costs in a sentence

• Such expenses shall be considered as recoverable Petroleum Costs according to the provisions of Article 10.2 of this Contract and as deductible charges for purposes of the calculation of Industrial and Commercial Income Tax.

• The purpose of this Accounting Procedure is to set the rules and methods of accounting for the verification of Petroleum Costs to provide for their recovery and for the purpose of sharing production in accordance with Article 10 of the Contract, as well as the rules to determine net profits of the Contractor for purposes of calculating the tax on industrial and commercial profits.

• Such Petroleum Costs are recoverable by the Contractor in accordance with the provisions of the Contract.

• The entities of the Contractor, other than the National Enterprise, shall finance the share of the latter in all Petroleum Costs corresponding to the exploration Petroleum Operations including therein the evaluation/appraisal of discoveries made in the Exploration Perimeter, during the entire duration of the Exploration Authorization which is the subject of Article 3 here above.

• The recovery of Petroleum Costs shall be guaranteed in the order cited in Article 13.1.3 above.

More Definitions of Petroleum Costs

Petroleum Costs means expenditure made and obligations incurred and paid by the contractor in carrying out upstream petroleum operations hereunder, determined in accordance with the accounting procedure attached hereto in Appendix “B” and made a part hereof;

Petroleum Costs means costs and expenses incurred by the Parties and allowed to be recovered pursuant to the Contract.

Petroleum Costs means all expenditures incurred by a Contractor in conducting Petroleum Operations and which are defined in a Petroleum Agreement.

Petroleum Costs means all expenditures made and costs incurred, both within and outside Ghana, in conducting Petroleum Operations hereunder determined in accordance with the Accounting Guide attached hereto as Annex 2;

Petroleum Costs or “Cost Oil ": all Back Costs as defined in clause 1.2, the Bonuses except the Signature Bonus and the Capital gain Bonus on the transfer of interest as defined in 1.4 and 12.5, as well as all expenses, inter alia, incurred and payable by the Contracting Party as a result of the Petroleum Works, as defined in Article 1.34 below, including all operating costs, management fees, interest on loans, and calculated in accordance with the Accounting Procedures.

Petroleum Costs means the sole reasonable, necessary expenses, directly associated with the carrying out of the petroleum operations, that is to say exploration, development, exploitation, abandonment and dismantlement of xxxxx and facilities, actually paid and approved by the Government from the signature of the contract on 22 September 2006. Expenses incurred prior to the date of 22 September 2006 should not be recoverable] with the exclusion of the royalty. Petroleum costs and any limitations on recoverability are specified under the accounting procedure.

Petroleum Costs means all expenditures incurred by the parties to a Contract that such parties are entitled to recover in accordance with the relevant Contract;