PIIP definition

PIIP means that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially-in-place includes production, reserves and Contingent Resources; the remainder is unrecoverable.

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PIIP means Petroleum Initially-In-Place;

PIIP means petroleum initially in place and refers to that quantity of petroleum that is estimated to exist originally in naturally occurring formations;

Examples of PIIP in a sentence

• PIIP to PII These procedures will not apply to PIlP testing for advancement to PII.

• Regarding the Performance Improvement Incentive Plan ("PIIP") referred to in Exhibit A, there will be no direct or indirect offset in Mulholland's awa▇▇ ▇▇▇▇▇ ▇▇▇h PIIP based on the settlement amount in paragraph 2.

• Include Elkton/D▇▇▇▇▇ in evaluation of PIIP on these proprieties and upgrade to contingent reserves $250,000 75 days Acquisition and analysis of trade seismic – resulting in Detailed work program info which may include shooting or acquiring seismic and/or coring and drilling.

• Total Petroleum Initially-In-Place (PIIP) is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations.

• Any Annual Bonus to which the Executive becomes entitled for a particular calendar year shall be paid in accordance with the terms of the PIIP no later than March 15 of the following year, or, if earlier, when the other executives of the Company are paid their annual bonuses for such year.

• The funding for a PIIP that will be derived from sources other than the State will be twenty percent (20%) of the overall PIIP costs that shall be paid from the Town’s Capital Improvement Project (“CIP”) budget.

• At least one Prime Contractor or other service provided has been identified, and all of the information required to be provided for that Prime Contractor or other service provided under Addendum B-1, has been provided for a PIIP.

• In addition, the Town shall pay one hundred percent (100%) of any PIIP costs not reimbursed by the State under A.R.S. § 42-5032.02(A) for any reason.

• The actual amount of the Annual Bonus (if any) shall be determined by the Compensation Committee in accordance with the PIIP and may be more or less than the target amount.

• Discovered Petroleum Initially-In-Place (Discovered PIIP) is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production.

More Definitions of PIIP

PIIP means the quantity of petroleum initially in place that is estimated, as of a given date, to exist in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus those estimated quantities in accumulations yet to be discovered. It is a measure that derived from an aggregation of the total reserves, contingent resources and prospective resources held by a person whether they are recoverable or unrecoverable;

PIIP means any project identified under Section II of this Agreement.