Royalty Oil means the total volume of crude petroleum oil and other hydrocarbons and associated substances from the Leases, including such substances as crude oil, condensate, natural gas liquids, or return oil from crude oil topping plants, that may be blended with crude oil before the Point of Delivery and tendered as a common stream to the State as Royalty Oil that the State may take in-kind, regardless of whether the State takes the Royalty Oil in-kind.
Royalty Oil means the quantum of Available Crude Oil allocated to the State, based on a percentage calculated as a function of daily production rates as set forth in Clause 10.1(a);
Royalty Oil means such Available Crude Oil as it is allocated to any Operator to enable the Operator or Contractor to discharge its obligations as defined and payable to DRSTP and/or FGN and/or any other entity formed by DRSTP and FGN for the conduct of operations in the JDZ under their respective laws and regulations.
Examples of Royalty Oil in a sentence
The State can deliver Sale Oil only to the extent it receives Royalty Oil from the Lessees.
The purchase and sale of Royalty Oil under this Agreement are subject only to the warranties the State has expressly set forth in this Agreement.
The availability to the State of Royalty Oil in-kind in any Month may vary depending on a variety of factors, including the rate of production from the Leases.
The quantity of Royalty Oil available to the State may vary and may be interrupted from time to time depending on a variety of factors, including the rate of production from the Leases.
The quality of the Royalty Oil delivered to the State may vary from time to time.
More Definitions of Royalty Oil
Royalty Oil means the quantum of available crude oil allocated to the relevant government or government corporation, which will generate an amount of proceeds equal to the actual payment of Royalty and Concession Rentals;
Royalty Oil means the quantity of crude oil that will generate an amount of revenues from the sale of crude oil equal to the actual amount necessary to pay Royalty and concession rentals.
Royalty Oil means the quantum of Available Crude Oil allocated to the CORPORATION which will generate an amount of Proceeds equal to the actual payment of Royalty and Concession Rentals.
Royalty Oil means such Available Crude Oil as it is allocated to any Operator to enable the Operator or Contractor to discharge its obligations as defined anpayable to DRSTP and/or FGN and/or any other entity formed by DRSTP and FGN for the conduct of operations in the JDZ under ttieif respective laws and regulations.d Page 4 of 11 1.18 "Signature Bonus" shall mean any funds that an Operator or Contractor pays to DRSTP and/or FGN and/or any other entity formeod by ORSTP and FGN to acquire (the right to sign an Exploration and Production Agreement 1.19 Words importing the singular meaning include, unless the context otherwise demands, the plural meaning and visa versa. 1.20 The clause headings in this Agreement are for convenience and ease of reference and shall not affect its construction or interpretation 1.21 Reference to clauses and sub-clauses are to clauses and sub-clauses of the Agreerment unless the context clearly indicates otherwise. Any words terms or phrases used herein shall be interpreted m accordance with their generally accepted use by the international petroleum industry 2. OBLIGATIONS OF ERHC 2.1 ERHC relinquishes its rights established in l) of paragraph 3.1.1 of the Memorandum of Agreement of May 27th, 1997 under which. "ERHC/PFC will negotiate on behalf of DRSTP with major oil companies the remaining concessions to be teased and developed and will retain a 5% override to be paid by oil companies for ERHC/PFC services" 2.2 ERHC assigns its ownership in STPetro to the DRSTP. 2.3 As a result of the assignment in 2.2 above. ERHC relinquishes its fight, through its Ownership in STPetro to acquire as STPetro a minimum. of the four (4) best Concessions in the EEZ 3. OBLIGATIONS OF DRSTP 3.1 DRSTP Hereby assigns to ERHC ten percent (10%) of its share of all Profit Oil received from operations conducted in the JDZ, payable in U.S. Dollars 3.2 DRSTP hereby assigns to ERHC five perent (5%) of its share of all Signature Bonuses paid by Contractors operating within the JDZ. payable in U.S. Dollars 3.3 DRSTP accepts the right of ERHC to receive one and one-half percenl (1.5%) Overriding Royalty Interest (ORRI) in all the production of Crude Oil and or Natural Gas in the JDZ, to be paid by the Contractors in U.S. Dollars DRSTP shall on a best efforts basis have ERHC's right to ORRI included in all Exploration and Production Agreenntnls relating to the JDZ Page 5 of 11
Royalty Oil means, the quantum of Available Natural Oil allocated to 2nd Plaintiff whichwill generate an amount of proceeds equal to the actual payment of Royalty. “SAA” means Strategic Alliance Agreement.
Royalty Oil means crude oil, liquid petroleum products or gas condensates from wells or lease plants or a mixture of such products.
Royalty Oil means the quantum of Available Crude Oil allocated to the State, based on a percentage calculated as a function of daily production rates as set forth in Clause 10.1(a); "State" means the Democratic Republic of Sao Tome and Principe; "State Entity" means any entity or body which integrates the public administration’s structure of the State or, in any other way, an entity in which the State has a full equity or full interest ownership designated by the State under Clause 8 of this Contract; "Tax" means the tax payable pursuant to the Petroleum Taxation Law; "Unassociated Natural Gas" or “Unassociated Gas” means that part of Natural Gas which is not Associated Natural Gas; and "Work Program" means the work commitments itemizing the Petroleum Operations to be carried out in the Contract Area for the required period as defined in Clause 7.