Petroleum resources definition

Petroleum resources means petroleum or natural gas.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Petroleum resources means petroleum, petroleum

Petroleum resources means petroleum, petroleum byproducts and natural gas.

Examples of Petroleum resources in a sentence

• Contractor has the technical knowledge and experience, the administrative and managerial expertise, and financial resources to efficiently develop and produce the Petroleum resources of the Contract Area, and desires to contract with SOCAR for that purpose.

• As a result of the Devolution Agreement and related legislation, the Commissioner has administration and control of Petroleum resources Onshore in the Northwest Territories.

• Canada has administration and control of Petroleum resources in the northern offshore, including the Offshore and administers those Petroleum resources under applicable federal legislation.

• The IRC has certain ownership and management and administrative rights, interests and obligations in respect of the ISR pursuant to the IFA that affect, or could be affected by, the management and administration of Petroleum resources in the ISR.

• The Parties have a common interest in ensuring responsible, efficient and transparent management and administration of Petroleum resources in the ISR.

• For greater certainty, this Agreement does not limit the ability of a Party to enter into any other agreement or arrangement, with any person or party, with regard to the management, administration and development of Petroleum resources in the ISR that is not inconsistent with or in conflict with the terms of this Agreement.

• It is the intention of the Parties that the Petroleum resources of the Contract Area should be produced at the optimum rate which is to be fully consistent with the then current economic conditions, and the principles of sound reservoir management according to international Petroleum industry practice, in order to provide for the most economically efficient recovery of Petroleum ("Maximum Efficient Rate").

• Each Party will appoint one senior official responsible for and experienced in the management and administration of Petroleum resources as the Party’s representative on the Committee.

• Contractor (and SOCAR to the extent provided in Article 28.2) shall provide the necessary funds to explore, appraise, evaluate and develop the Petroleum resources within the Contract Area in accordance with the terms and conditions set forth in this Contract.

• Within sixty (60) days of the Date of Commencement of Commercial Production and thereafter not later than one hundred and twenty (120) days before the commencement of each Calendar Year Contractor shall submit to the JMC for its review and approval an annual production schedule which shall be in accordance with good international oilfield practice, and shall be designed to provide the most efficient, beneficial and timely production of the Petroleum resources.

More Definitions of Petroleum resources

Petroleum resources means petroleum, petroleum by-products or natural gas.

Petroleum resources means crude oil, natural gas and hydrocarbons whether in natural liquid, gaseous, solid or semisolid state hydrates of oil and gas, sulfur and other similar substances associated with hydrocarbons that are in situ or recovered by petroleum operations;

Petroleum resources means petroleum, petroleum byproducts, or natural gas. Section 215.473(1)(q), F.S.

Petroleum resources means oil and gas in their natural state and the revenue or other entitlement accruing to Government from it;

Petroleum resources means oil and gas in their natural state and the revenue or other entitlement accruing to Govern- ment from it;

Petroleum resources means petroleum in whatever physical state located on or under the territory of Belize or in areas of the Continental Shelf in which rights of exploration and exploitation are exercisable by Belize;