unitisation definition

unitisation. , in relation to a scheme, means arrangements under which:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

unitisation means any unitisation or redetermination of, or affecting, any Borrowing Base Asset or any readjustment of an Obligor’s interests in any Borrowing Base Asset and/or the Hydrocarbon derived therefrom as a result of the pooling of production of that Borrowing Base Asset (or the relevant fields comprised therein) with that of another field or otherwise;

unitisation means any unitisation of, or affecting, any Borrowing Base Asset, or any adjustment of the relevant member of the Group’s interests in any Borrowing Base Asset and/or any Petroleum derived therefrom as a result of the pooling of production of that Borrowing Base Asset with that of another field or otherwise.

Examples of unitisation in a sentence

• The application of the Parties' taxation law shall be specified in the fiscal regime as agreed between the Parties and the Greater Sunrise Contractor, in accordance with obligations under Article 22 of the Timor Sea Treaty and Article 27 of the International Unitisation Agreement.

• As soon as practicable, the Designated Authority shall enter into the Greater Sunrise Production Sharing Contract under conditions equivalent to those in Production Sharing Contracts JPDA 03-19 and JPDA 03-20, and to the legal rights held under Retention Leases NT/RL2 and NT/RL4 in accordance with Article 22 of the Timor Sea Treaty and Article 27 of the International Unitisation Agreement.

• Any Unitisation occurs and the Projection which is adopted in accordance with Clause 6 (Projections) following such Unitisation demonstrates that the Obligors will not be able to meet their liabilities as they fall due.

• It is proposed to bring into force the Agreement between the Government of Australia and the Government of the Democratic Republic of Timor-Leste relating to the Unitisation of the Sunrise and Troubadour Fields.

• Pursuant to the terms of Article 22 of the Timor Sea Treaty and Article 27 of the International Unitisation Agreement, the Parties agree that any Petroleum Activities entered into under the terms of the Timor Sea Treaty or the International Unitisation Agreement shall continue under conditions or terms equivalent to those in place under those agreements as applicable.

• Unitisation is also joint exploitation as our unit cell a oil field crossing the borders of two licence can contract areas awarded by the boot country.

• In case of assignment of a Participating interest in accordance with the provisions of the Unitisation Agreement, a special inventory shall be made by the Operator, provided that the assigner and/or assignee agree to bear all the cost thereof.

• The definitions included in the Unitisation Agreement shall also apply to this Attachment 1, as appropriate.

• Charges and credits referring to sole risk operations under the Unitisation Agreement shall be recorded in separate accounts.

• Discuss important matters of principle that concern the understanding and application of this Attachment 1 – Accounting Agreement and related issues in the Unitisation Agreement, as appropriate.

More Definitions of unitisation

unitisation means arrangements under which—

unitisation means a scheme of arrangement whereby the whole or part of the property of a body or scheme becomes the property of an authorised scheme and whereby holders of shares or units in the body or scheme receive units in the authorised scheme and references in this definition to an authorised scheme include a sub-fund of such an authorised scheme;

unitisation in petroleum terms means that common conditions governing commercial relationships, administration, development and revenue-sharing are pre-determined and unified in cases where hydrocarbon fields overlap the border separating joint development areas from adjoining seabed under the sovereign control of one nation.