Commercial Discovery means a Discovery of Petroleum reserves which has been declared as a Commercial Discovery in accordance with the provisions of Article 10 and/or Article 21.
Commercial Discovery means any Discovery, which has been declared to be commercial by the Contractor;
Commercial Discovery means a Discovery that Contractor proposes to develop and produce under the terms of this Contract.
Examples of Commercial Discovery in a sentence
In the event of a Commercial Discovery in the Contract Area, the production of Petroleum shall be, during the term of the exploitation period, shared between the Parties in accordance with the provisions of Article 13 below.
More Definitions of Commercial Discovery
Commercial Discovery means any Discovery that is sufficient to entitle the Parties to apply for authorization from the Government to commence exploitation.
Commercial Discovery means a commercial discovery of Petroleum as defined in the Rules.
Commercial Discovery means the discovery of petroleum within the 45 exploration area in such quantities as will permit the economic development thereof, on its own or in combination with other existing discoveries or as part of a unitised development;
Commercial Discovery means a Discovery which is determined to be commercial in accordance with the provisions of this Agreement;
Commercial Discovery means a discovery of petroleum which has been duly evaluated in accordance with the provisions of clause 0, and which can be produced commercially according to best petroleum industry practice, after the consideration of all pertinent technical and economic data;
Commercial Discovery means a discovery that is potentially commercial when taking into account all technical, operational, commercial and financial data collected when carrying out appraisal work or similar operations, including recoverable reserves of petroleum, sustainable regular production levels and other material technical, operational, commercial and financial parameters, all in accordance with prudent international petroleum industry practices.
Commercial Discovery means a discovery of Petroleum that the Contractor declares commercial as contemplated in sub-Article 4.10;