Available Crude Oil means all Crude Oil produced and saved from the Contract Area and not used in Petroleum Operations.
Available Crude Oil means the Crude Oil recovered from the Contract Area, less quantities used for Petroleum Operations;
Available Crude Oil means the Crude Oil won and saved from any Concession after deducting amounts used in petroleum operations.
Examples of Available Crude Oil in a sentence
If Crude Oil is to be produced from the Contract Area, the Parties shall, in good faith and not fewer than twelve (12) months before the commencement of Production, as promptly notified by the Operator, negotiate and agree the terms of a lifting agreement based on the 2001 version of the AIPN Model Lifting Agreement to cover the offtake of Available Crude Oil produced under the Contract.
Should the Available Crude Oil prove insufficient to meet all such PPT at any time, the Parties acknowledge that the Operating Committee shall have the right to utilize funds from the Joint Account and/or cash call any Party for its share for any outstanding liability in accordance with the Accounting Procedure, and the terms of Article 8 shall apply if such Party defaults in making payment in respect of such cash call.
More Definitions of Available Crude Oil
Available Crude Oil means, for each Exploitation Concession, the Crude Oil produced after deduction of the Crude Oil used in carrying out Development and Exploitation Work and Exploration Work.
Available Crude Oil means for all Exploitation Concessions the Crude Oil produced inside the Area of Interest covered by each Exploitation Concession and not used for the needs of direct or assisted exploitation of the Hydrocarbon deposit after deduction of the annual royalties paid in kind;
Available Crude Oil means Crude Oil produced and saved from the Contract Area and not used in Petroleum Operations in accordance with Article 11.3.
Available Crude Oil means Crude Oil produced and saved from the Agreement Area and not used in Petroleum Operations in accordance with Article 11.3.
Available Crude Oil means for all Exploitation Concessions the Crude Oil produced inside the Area of Interest covered by each Exploitation Concession and not used for the needs of direct or assisted exploitation of the Hydrocarbon deposit aGer deduction of the annual royalties paid in kind;
Available Crude Oil means, the Crude Oil including Condensates won, saved and allocated to the 2nd Plaintiff from the Contract Area.
Available Crude Oil means the Crude Oil recovered from the Contract Area, less quantities used for Petroleum Operations; "Barrel" means a quantity or unit of Crude Oil, equal to 158.9874 liters (forty-two (42) United States gallons) net of basic sediment and water at a temperature of fifteen point five six degrees (15.56°) Centigrade (sixty degrees (60°) Fahrenheit) at one (1) atmosphere of pressure; "Budget" means the cost estimate of items included in an approved Work Program; 3 "Calendar Year" or "Year" means a period of twelve (12) months commencing from January 1 and ending the following December 31, according to the Gregorian calendar; "Commercial Discovery" means any Discovery, which has been declared to be commercial by the Contractor; "Contract" means this production sharing contract, including its Recitals and Schedules; "Contract Area" means the geographic area within the Territory of Sao Tome and Principe which is the subject of this Contract and as described in Schedule 1, as such area may be amended in accordance with the terms herein; "Contractor’s Intellectual Property Rights" means any and all of Contractor’s patents, patent applications, patent disclosures, inventions and improvements (whether patentable or not), copyrights and copyrightable works (including computer programs) and registrations and applications therefor any software, firmware, or source code, trade secrets, know-how, database rights, and all other forms of intellectual property created, as well as any other data and information developed or conceived by Contractor prior to the Effective Date, but specifically excludes the National Petroleum Agency’s right to have legal title to and keep originals of all data and information resulting from Petroleum Operations including geological, geophysical, engineering, well logs, completion, production, operations, status reports and any other data and information as the Contractor may compile during the term of this Contract; "Cost Oil" means the quantum of Available Crude Oil allocated to the Contractor for recovery of Operating Costs after the allocation of Royalty Oil to the State; "Control" means, in relation to a Person, the power of another Person to secure: