VALUATION OF PETROLEUM. 19.1 For the purpose of this Contract, the value of Crude Oil, Condensate and Natural Gas (refer Article 21) shall be based on the price determined as provided herein.
VALUATION OF PETROLEUM. 19.1 The Contractor shall have the right to use Petroleum produced from the Contract Area for the purpose of Petroleum Operations including reinjection for pressure maintenance in Oil Fields, gas lifting and captive power generation required for Petroleum Operations. Provided that the Contractor shall submit at the end of each month the records relating to the quantity of Petroleum used for the purposes of Petroleum Operations to the Government for its information and records.
VALUATION OF PETROLEUM. 8.1 Point and type of Valuation Petroleum shall be valued as if it were sold in an arm’s length transaction f.o.b. (or equivalent) at the Field Export Point.
VALUATION OF PETROLEUM. 14.1 For the purposes of this Contract and, in particular, for the purposes of Article 13 above, the unit selling price of Crude Oil at the Delivery Point shall be denominated in U.S. Dollars and calculated each Quarter as follows:
VALUATION OF PETROLEUM. 17.1 The value of Oil from each Production Area for Cost Recovery shall be determined on the basis of the fair market value ("Value") of such Oil at the Measurement Point.
VALUATION OF PETROLEUM. 18.1 For the purposes of this Contract, the Crude Oil price basis shall be the FOB “Market Price” at the Delivery Point, expressed in Dollars per Barrel and payable within thirty (30) days after the date of the bill of lading, as determined hereinafter. Where sales of Crude Oil are made on bases other than FOB at the Delivery Point, all costs of delivery and shipment including freight, insurance, incremental interest on inventory in transit, and demurrage will be subtracted from payments received to arrive at an equivalent FOB Market Price.
VALUATION OF PETROLEUM. 13.1 (a) The valuation of Crude Oil for purposes of Cost Recovery and as otherwise specifically provided in this Contract in any Calendar Quarter shall be:
VALUATION OF PETROLEUM. PRODUCTION
VALUATION OF PETROLEUM. 10.1 The value of Petroleum referred to in Articles 9 and 11 shall, to the extent such Petroleum consists of Crude Oil, be determined at the end of each calendar month commencing with the calendar month in which Commercial Production of Crude Oil begins. To the extent such Petroleum consists of Natural Gas it shall be determined at the end of each calendar month commencing in which commercial delivery at the Delivery Point begins.
VALUATION OF PETROLEUM. 12.1 Terms used in this Section shall have the following meanings:
