Examples of Production Period in a sentence
In the event of partial relinquishment pursuant to this Article 29.5, Contractor shall have no right to recover out of the production from the remainder of the Contract Area not relinquished, any amount of Petroleum Costs incurred during the Development and Production Period in connection with the portion of the Contract Area relinquished which has not been recovered at the date of such relinquishment.
The Producer shall fully repay the amount of the Advance as specified in Sections 2.4 (a to f) of the Application, including accumulated interest and any costs/fees charged to the Producer, to the Administrator by the end of the Production Period in accordance with the following: 3.1. a.
During the Development and Production Period Contractor shall bear all costs of the Operating Company related to the conduct of internal inspections, inventories, audits, reorganisations, structural changes and the like and such costs shall not be Cost Recoverable unless the conduct of such internal inspections, inventories, audits, reorganisations, structural changes and the like is approved by the Steering Committee.
After such period of thirty (30) years the Development and Production Period may be extended by five (5) years subject to SOCAR's approval.
The penalty interest will be applied to the amount in excess of the limit from the date the Advance was issued to the day the repayment was made and shall be paid by the Producer to the Administrator no later than twenty-one (21) calendar days of the end of the Production Period; and6.1. d.Prime +0.25% in penalty interest in the event that the Producer, with respect to the requirements in Section 3.1.b., is late making repayment.