Work Programme and Budget definition

Work Programme and Budget means a work programme for Petroleum Operations and budget therefor approved in accordance with this Agreement.

Work Programme and Budget means an annual plan and budget for the conduct of those Petroleum Operations to be undertaken in the year governed by such plan.

Work Programme and Budget means an itemised statement of Petroleum Operations to be carried out in the Contact Area and a detailed breakdown of the Contract Expenses associated therewith, including both capital and operating budgets, all in a form acceptable to the Government.

Examples of Work Programme and Budget in a sentence

• The Steering Committee shall meet within thirty (30) days of receipt of the Annual Work Programme and Budget to consider same and any revisions thereto and to approve the Annual Work Programme and the Budget in its final form.

• Except as provided in this Article 5.3 and in Article 5.4, Contractor shall not conduct any operations which deviate materially from the applicable Annual Work Programme and Budget without the prior consent of the Steering Committee.

• Expenditures by Contractor pursuant to this Article 6.8 shall be part of the relevant Annual Work Programme and Budget and shall be included as Petroleum Costs; however, the aforesaid expenditures less than two hundred thousand (200,000) Dollars in any year shall not be Cost Recoverable.

• Further in case of variation in costs over the reviewed/approved Work Programme and Budget, as the case may be, or re-appropriation of costs, shall be submitted to the Management Committee for review/approval, as the case may be, within thirty (30) days from end of the relevant Financial Year and subject to the audit and other provisions of the Contract, such costs shall be allowable for the purposes of the Contract.

• Such classification shall be used in each Work Programme and Budget.

More Definitions of Work Programme and Budget

Work Programme and Budget means, collectively:

Work Programme and Budget means, collectively: (a)the work programmes and budgets approved by the Management Committee under each Joint Operating Agreement; (b)the work programmes and budgets approved by the Management Committee under the GK UUOA; (c)the work programmes and budgets approved by the Management Committee under the SNP UUOA; and (d)the work programmes and budgets approved by PETRONAS under each PSC.

Work Programme and Budget means an itemised statement of Petroleum Operations to be carried out in the Contract Area and a detailed breakdown of the Contract Expenses associated therewith, including both capital and operating budgets. ARTICLE 2 SCOPE 2.1 The object of this Agreement is to carry out Exploration, Development and Production of Petroleum in the Contract Area. 2.2 Contractor shall be responsible to Competent Body for the execution of Petroleum Operations in accordance with the provisions of the Law and this Agreement. 2.3 Competent Body shall be responsible for securing the regular implementation and conduct by Contractor of the Petroleum Operations contemplated hereunder. 2.4 Contractor shall provide all capital, know-how, technology and manpower necessary to conduct Petroleum Operations, except as otherwise provided for in this Agreement. 2.5 Contractor shall carry out Petroleum Operations at its own costs and risk, except as otherwise provided for in this Agreement. The costs incurred by Contractor in carrying out Petroleum Operations will be recovered by Contractor in accordance with the provisions hereof. If no Commercial Discovery is achieved, or if production of Petroleum is insufficient to reimburse Contractor, the latter shall bear its own losses. 2.6 Without prejudice to the Government’s ownership of all Petroleum in and under the Contract Area, each Contracting Company shall have the right to receive and dispose of its share of the Petroleum produced and saved therein, as a reimbursement of costs incurred and remuneration for services rendered, pursuant to the provisions of this Agreement. ARTICLE 3

Work Programme and Budget means a work programme for Joint Operations and budget thereof as described and approved in accordance with Articles 12, 13, 14 and 15.

Work Programme and Budget means a work programme for Joint Operations and budget therefor as described and approved in accordance with Article 6. Zone means a stratum of earth containing or thought to contain an accumulation of Petroleum separately producible from any other accumulation of Petroleum.

Work Programme and Budget means the work programme and budget agreed as at the date of this Agreement under the Production Sharing Contract, a copy of which is attached to the Disclosure Letter.

Work Programme and Budget means a work programme and budget (which shall include Scheduled Maintenance) for a Contract Year, together with a high level summary of the proposed work programme and budget for the two (2) Contract Years following such Contract Year, as approved or determined in accordance with Clause 9.5 (Work Programme and Budget).