Common use of Best Practices of the Oil Industry Clause in Contracts

Best Practices of the Oil Industry. The best and safest procedures and technologies available in the oil and gas industry worldwide intended to: (i) ensure the operational safety of the facilities, preserving life, physical integrity, and human health; (ii) preserve the environment and protect adjacent communities; (iii) prevent or reduce as much as possible the risk of spill of oil, natural gas, by-products, and other chemicals that may be hazardous to the environment; (iv) preserve oil and gas resources, which implies the use of adequate methods and processes to maximize the recovery of hydrocarbons in a technical, economic, and environmentally sustainable way, with the corresponding control of the reserve decline, and to mitigate surface losses;

Best Practices of the Oil Industry. The best and safest procedures and technologies available in the oil Oil and gas industry Gas Industry worldwide intended to: (ia) ensure the operational safety of the facilities, preserving life, physical integrity, and human health; (iib) preserve the environment and protect adjacent communities; (iiic) prevent or reduce as much as possible the risk of spill of oilOil, natural gasNatural Gas, by-products, and other chemicals that may be hazardous to the environment; (ivd) preserve oil and gas resources, which implies the use of adequate methods and processes to maximize the recovery of hydrocarbons in a technical, economic, and environmentally sustainable way, with the corresponding control of the reserve decline, and to mitigate surface losses;