Common use of The Market Price Clause in Contracts

The Market Price. applicable to all Crude Oil liftings sold to a Contractor's Affiliate after a quoted price has been established for one Quarter will be calculated by adding the average of the high and low Dated Xxxxx quotes according to publication in five (5) consecutive editions of the Platts Bulletin of the crude oil market (including all corrections) after the date of the shipment's bill of lading to the average differential between Crude Oil sold and Dated Xxxxx quotes that are published in the Argus Crude Report for the period beginning the fifteenth (15th) day and ending the last day of the Month of the cargo's marketing (inclusive). This is expressed in the following formula: Price = A + B, where: A = average of the high and low Dated Xxxxx quotes, according to publication in five (5) consecutive editions of the Platts Bulletin of the crude oil market (including all corrections) after the date of the bill of lading. B = average differential between the quality of Crude Oil sold and Dated Xxxxx quotes published in the Argus Crude Report for the period beginning the fifteenth (15th) day and ending the last day of the Month of the cargo's marketing (inclusive). If the qualities of Crude Oil produced from the Field do not correspond, within tolerable limits, a 'C' adjustment will be created that takes into account the differences associated with those qualities that do not coincide with A and B. In this case, the Market Price formula will be amended as follows: Price = A + B + C If the Crude Oil used to calculate the Market Price is no longer quoted, the Ministry and the Contractor will agree on which Crude Oil is closest to the Crude Oil that is no longer quoted, in order to calculate the Market Price.

The Market Price. applicable to all liftings of Crude Oil liftings sold to a Contractor's ’s Affiliate after having set a quoted price has been established for one during a Quarter will be calculated by adding summing up the average of the high and low quotes for Dated Xxxxx quotes according to publication the data published in the five (5) consecutive editions issues of the Platts Bulletin of for the crude oil market Crude Oil Market (including all corrections) after the date of the shipment's bill of lading posterior to the lifting informed date and the differential average differential between the sold Crude Oil sold and the Dated Xxxxx quotes that are one as published in the Argus Platts Crude Report for the period beginning starting on the fifteenth day (15th) day and ending ends on the last day of the Month of the cargo's marketing Load Commercialization (inclusive). This is expressed in given by the following formula: Price = A + A+ B, where: A = A= average of o the high and low Dated quotes of Xxxxx quotes, Dating according to publication the according to the data published in the five (5) consecutive editions issues of the Platts Bulletin of for the crude oil market Crude Oil Market (including all corrections) after posterior to the date of the bill of ladinglifting informed date. B = B= differential average differential between the quality of the sold Crude Oil sold and the Dated Xxxxx quotes as published in the Argus Platts Crude Report for the period beginning starting on the fifteenth day (15th) day and ending ends on the last day of the Month of the cargo's marketing Load Commercialization (inclusive). If Should the qualities of the Crude Oil produced from the Field do not correspond, within tolerable limitsbounds, a '“C' ” adjustment will be created that takes into account to bear in mind the differences differentials associated with those the qualities that do not coincide with A and B. In this such case, the Market Price formula will be amended modified as follows: Price = =A + +B + +C If Should the used Crude Oil used stop being quoted to calculate the Market Price is no longer quotedPrice, the Ministry and the Contractor will shall agree on which Crude Oil is closest to upon the Crude Oil that is which most closely resembles the Crude Oil whose prices are no longer quoted, in order to calculate the Market Price.

The Market Price. applicable to all liftings of Crude Oil liftings sold to a Contractor's ’s Affiliate after having set a quoted price has been established for one during a Quarter will be calculated by adding summing up the average of the high and low quotes for Dated Xxxxx quotes according to publication the data published in the five (5) consecutive editions issues of the Platts Bulletin of for the crude oil market Crude Oil Market (including all corrections) after the date of the shipment's bill of lading posterior to the lifting informed date and the differential average differential between the sold Crude Oil sold and the Dated Xxxxx quotes that are one as published in the Argus Platts Crude Report for the period beginning starting on the fifteenth day (15th) day and ending ends on the last day of the Month of the cargo's marketing Load Commercialization (inclusive). This is expressed in given by the following formula: ; Price = A + A+ B, where: A = A= average of o the high and low Dated quotes of Xxxxx quotes, Dating according to publication the according to the data published in the five (5) consecutive editions issues of the Platts Bulletin of for the crude oil market Crude Oil Market (including all corrections) after posterior to the date of the bill of ladinglifting informed date. B = B= differential average differential between the quality of the sold Crude Oil sold and the Dated Xxxxx quotes as published in the Argus Plaits Crude Report for the period beginning starting on the fifteenth day (15th) day and ending ends on the last day of the Month of the cargo's marketing Load Commercialization (inclusive). If Should the qualities of the Crude Oil produced from the Field do not correspond, _ within tolerable limitsbounds, a '“C' ” adjustment will be created that takes into account to bear in mind the differences differentials associated with those the qualities that do not coincide with A and B. In this such case, the Market Price formula will be amended modified as follows: Price = A + +B + +C If Should the used Crude Oil used stop being quoted to calculate the Market Price is no longer quotedPrice, the Ministry and the Contractor will shall agree on which Crude Oil is closest to upon the Crude Oil that is which most closely resembles the Crude Oil whose prices are no longer quoted, in order to calculate the Market Price.

The Market Price. applicable to all liftings of Crude Oil liftings sold to a Contractor's ’s Affiliate after having set a quoted price has been established for one during a Quarter will be calculated by adding summing up the average of the high and low quotes for Dated Xxxxx quotes according to publication the data published in the five (5) consecutive editions issues of the Platts Bulletin of for the crude oil market Crude Oil Market (including all corrections) after the date of the shipment's bill of lading posterior to the lifting informed date and the differential average differential between the sold Crude Oil sold and the Dated Xxxxx quotes that are one as published in the Argus Plaits Crude Report for the period beginning starting on the fifteenth day (15th) day and ending ends on the last day of the Month of the cargo's marketing Load Commercialization (inclusive). This is expressed in given by the following formula: Price = A + A+ B, where: A = A= average of o the high and low Dated quotes of Xxxxx quotes, Dating according to publication the according to the data published in the five (5) consecutive editions issues of the Platts Bulletin of for the crude oil market Crude Oil Market (including all corrections) after posterior to the date of the bill of ladinglifting informed date. B = B= differential average differential between the quality of the sold Crude Oil sold and the Dated Xxxxx quotes as published in the Argus Plaits Crude Report for the period beginning starting on the fifteenth day (15th) day and ending ends on the last day of the Month of the cargo's marketing Load Commercialization (inclusive). If Should the qualities of the Crude Oil produced from the Field do not correspond, . within tolerable limitsbounds, a '“C' ” adjustment will be created that takes into account to bear in mind the differences differentials associated with those the qualities that do not coincide with A and B. In this such case, the Market Price formula will be amended modified as follows: Price = A + B + C If Should the used Crude Oil used stop being quoted to calculate the Market Price is no longer quotedPrice, the Ministry and the Contractor will shall agree on which Crude Oil is closest to upon the Crude Oil that is which most closely resembles the Crude Oil whose prices are no longer quoted, in order to calculate the Market Price.