Total Commercial Production means the total production of Crude Oil and Natural Gas obtained from the Exploitation Perimeter(s), less the quantities used for the purposes of the Oil Operations and any unavoidable losses.
Examples of Total Commercial Production in a sentence
If, during a Calendar Year, the value of the aforementioned maximum share of the Total Commercial Production, determined in accordance with the provisions of Article 21 above, is greater than the Oil Costs to be recovered during the said Year, then the Contractor shall receive only such lesser percentage of the production as is necessary and sufficient to recover the Oil Costs.
Commercial Production by Market Legacy / New Markets $23 $38 $57 $54 $70 $12 $141 $256 $69 $195 $326 2012 2013 2014 2015 2016 $‐ $50 $100 $150 $200 $250 $300 $350 Commercial Production Legacy New markets Total Commercial Production 83% 73% 82% 27% 17% Fiscal Year Ended Production by market above excludes municipal leases.