Remaining Production definition

Remaining Production means the net production less the withdrawals of hydrocarbons made by Contractor for the recovery of the Oil Costs; Departments Responsible for Hydrocarbons means the administration in charge of implementing the policy of the Gabonese Republic in matters of hydrocarbons;
View Source
Remaining Production in BOE, means the volume that remains from Net Production in any Quarter after deducting Cost Production.
View Source

Examples of Remaining Production in a sentence

  • When the cumulative production of Crude Oil in the Delimited Region reaches twenty-five (25) million barrels, the Contractor’s share in the Remaining Production (before application of the H factor) shall decrease by one half of one percent (0.5%) for each applicable portion of production.

  • The instalment amounts to be paid, as stated above, will each be equal to the value based on the selling price defined in article 18 below, of the portion the Government received as its share in the Remaining Production, for the payment of the entity concerned.

  • Thus, for a given Total Daily Production of Crude Oil, the Contractor shall take the portion necessary for recovery of the Petroleum Costs as provided in article 16.2, in each portion of Total Daily Production of Crude Oil defined in the table above before sharing the Remaining Production between the Government and the Contractor according to the rates agreed as above.

  • In this case, the tax will be paid by the entity concerned in instalments: - simultaneously to the payments to be made by PETROCI under article 16.6 below; or - within forty-five (45) days running from the date the Government removed its part in the Remaining Production, in the event that the Government, in accordance with article 16.5, chooses to receive all of its share in kind.

  • When the cumulative production of Crude Oil in the Delimited Region reaches fifty (50) million barrels, as well as for each twenty-five (25) million incremental barrels, the Contractor’s share in the Remaining Production (before application of the H factor) shall decrease by one percent (1%) for each applicable portion of production up to a cumulative limit of one hundred and fifty (150) million barrels is reached.

  • All the provisions of the Contract shall be applicable mutatis mutandis and, more specifically, those pertaining to the Set Price defined in Article 27, the recovery of Petroleum Costs defined in Article 24, the Remaining Production sharing regulations defined in Article 25, the bonuses defined in Article 28 and the royalties and taxes defined in Article 26.1 and 26.7, if the discovery is declared commercially exploitable.

  • In the event of discovery within the Delimited Zone of Crude Oil of different qualities, the State and Contractor share separately each of the qualities of the Remaining Production of Crude Oil, proportionately to the Total Available Production.

  • Whenever it is necessary to determine the equivalence between Natural Gas and Crude Oil and, More specifically, especially in order to determine the procedures for lifting the quantities of Hydrocarbons allocated for recovery of the Petroleum Costs defined in Article 24, the sharing of Remaining Production defined in Article 25, and the bonuses defined in Article 28.2, it is agreed that one hundred.