Cost Petroleum definition

Cost Petroleum means, the portion of the total value of Petroleum Produced and Saved from the Contract Area which the Contractor is entitled to take in a particular period, for the recovery of Contract Costs as provided in Article 15.

Cost Petroleum means the portion of the total volume of Petroleum produced and saved from the Contract Area which the Contractor is entitled to take from the Contract Area in a particular period for the recovery of Contract Costs as provided in Article 13.

Cost Petroleum has the meaning set out in sub-clause 9.1.1;

Examples of Cost Petroleum in a sentence

• Such cost recovery Petroleum, including the recovered Uplift, is the "Cost Petroleum" consisting of two categories, the Cost Oil and the Cost Gas.

• Cost Petroleum and Profit Petroleum shall first be allocated to Development and Production Areas based on the principle that an earlier established operation shall not be enhanced or impaired in any way through the subsequent establishment of any Development and Production Area, whether the subsequently established Development and Production Areas are Exclusive Petroleum Operations or Joint Petroleum Operations.

• If no allocation procedure is approved by the Operating Committee in accordance with Article 20.1, the Concessionaires shall nonetheless be bound by the principles set forth in this Article with regard to the allocation of Cost Petroleum and Profit Petroleum.

• Operator shall develop and the Operating Committee shall approve procedures for allocating such Cost Petroleum and Profit Petroleum during each Calendar Quarter among the individual Development and Production Areas based upon the following principles.

• Area upto the date of first Commercial Production shall be aggregated, and the Contractor shall be entitled to recover the aggregate of such Exploration Costs out of the Cost Petroleum at the rate of one hundred percent (100%) per annum of such Exploration Costs beginning from the date of such Commercial Production.

More Definitions of Cost Petroleum

Cost Petroleum means Cost Oil and/or Cost Gas. „Troškovni ugljikovodici” znači Troškovna nafta i/ili Troškovni plin.

Cost Petroleum means the portion of Petroleum Produced available to the Concessionaires to cover the costs and expenses incurred in carrying out the Petroleum Operations as stipulated in the EPC.

Cost Petroleum means Petroleum out of which Contractor may recover the costs and expenses of the Petroleum Operations pursuant to Section 9.4.

Cost Petroleum means, the portion of the total value of Crude Oil, and Natural Gas produced from the Contract Area which the Contractor is entitled to take in a particular period, for the recovery of Recoverable Costs provided in Article 9;

Cost Petroleum means Cost Oil and/or Cost Gas. Crude oil means produced, unrefined petroleum at a temperature of 15 °C and pressure of 1 atmosphere and the Crude Oil known as condensate and Natural Gas liquids and other Hydrocarbons obtained from Natural Gas by condensation or extraction as well as non-petroleum liquid or liquids produced in association with liquid or gaseous petroleum. Custom duties means all duties, taxes or imposts (except those charges, as may be in force from time to time, paid to the Government for actual services rendered such as normal handling and storage charges) which are payable as a result of the importation or exportation of the item or items under consideration. Decommissioning Cost has the meaning given in Article 9.1.1.

Cost Petroleum has the meaning assigned in Article 11;

Cost Petroleum means the portion of the Total Available Production that is equal to the costs incurred by the Parties that are recoverable in accordance with the Accounting Procedure. Crude Oil shall have the meaning ascribed in the Contract. Day means a Gregorian calendar day unless otherwise specifically provided. Decommissioning means all work required for the abandonment of Joint Property (or, as provided under Article 10.3, property of Exclusive Operations) in accordance with generally accepted practices of the international petroleum industry and applicable legal obligations, including, where required, plugging of xxxxx, abandonment, disposal, demolition, removal and/or cleanup of facilities, and any necessary site remediation and restoration. Decommissioning Costs means the costs of Decommissioning. Decommissioning Response Deadline means as to each Party the thirtieth (30th) Day after receipt of Operator’s notice of Decommissioning under Article 10.1.A. Deepening means an operation to drill a well to an objective Zone below the deepest Zone in which such well was previously drilled, or below the deepest Zone proposed in the associated AFE (if required), whichever is the deeper. Deepen and other derivatives shall be construed accordingly.