Work Programme and Budget definition

Work Programme and Budget means a work programme for Petroleum Operations and budget therefor approved in accordance with this Agreement.

Work Programme and Budget means an annual plan and budget for the conduct of those Petroleum Operations to be undertaken in the year governed by such plan.

Work Programme and Budget means an itemised statement of Petroleum Operations to be carried out in the Contact Area and a detailed breakdown of the Contract Expenses associated therewith, including both capital and operating budgets, all in a form acceptable to the Government.

Examples of Work Programme and Budget in a sentence

• Operating Costs are, in respect of a Development Area and after the start of Commercial Production from it, those costs of an operating nature which directly relate to the Development thereof, or to the production of Petroleum therefrom, and are incurred in respect of activities carried out substantially in accordance with an approved Development and Production Work Programme and Budget, but without prejudice to sub-Article 4.7 of this Agreement.

• In each Contract Year mentioned below, and unless the Contractor has relinquished all of the Contract Area (not being a Development Area, Oil Retention Area or a Gas Retention Area) before the start of the fourth (4th) Contract Year, the Contractor shall carry out an Exploration Work Programme and Budget of not less than the amount of work specified for that Contract Year: Contract Year Data Evaluation Surveys Xxxxx 4 Preparation of well prognosis.

• In each Contract Year mentioned below, the Contractor shall carry out an Exploration Work Programme and Budget of not less than the amount of work specified for that Contract Year: Contract Year Data Evaluation Surveys Xxxxx 1 Nil Acquisition of 2001 kilometres of recently available 2D seismic data and 2337 kilometres of newly reprocessed 2D seismic data.

• In each Contract Year mentioned below, the Contractor shall carry out an Exploration Work Programme and Budget of not less than the amount of work specified for that Contract Year: Contract Year Data Evaluation Surveys Xxxxx 1 Interpretation and re- processing of existing seismic data.

More Definitions of Work Programme and Budget

Work Programme and Budget means, collectively:

Work Programme and Budget means, collectively: (a) the work programmes and budgets approved by the Management Committee under each Joint Operating Agreement; (b) the work programmes and budgets approved by the Management Committee under the GK UUOA; (c) the work programmes and budgets approved by the Management Committee under the SNP UUOA; and (d) the work programmes and budgets approved by PETRONAS under each PSC; and

Work Programme and Budget means a work programme for Joint Operations and budget therefor as described and approved in accordance with Article 6. Zone means a stratum of earth containing or thought to contain an accumulation of Petroleum separately producible from any other accumulation of Petroleum.

Work Programme and Budget means an itemised statement of Petroleum Operations to be carried out in the Contract Area and a detailed breakdown of the Contract Expenses associated therewith, including both capital and operating budgets. ARTICLE 2 SCOPE 2.1 The object of this Agreement is to carry out Exploration, Development and Production of Petroleum in the Contract Area. 2.2 Contractor shall be responsible to Competent Body for the execution of Petroleum Operations in accordance with the provisions of the Law and this Agreement. 2.3 Competent Body shall be responsible for securing the regular implementation and conduct by Contractor of the Petroleum Operations contemplated hereunder. 2.4 Contractor shall provide all capital, know-how, technology and manpower necessary to conduct Petroleum Operations, except as otherwise provided for in this Agreement. 2.5 Contractor shall carry out Petroleum Operations at its own costs and risk, except as otherwise provided for in this Agreement. The costs incurred by Contractor in carrying out Petroleum Operations will be recovered by Contractor in accordance with the provisions hereof. If no Commercial Discovery is achieved, or if production of Petroleum is insufficient to reimburse Contractor, the latter shall bear its own losses. 2.6 Without prejudice to the Government’s ownership of all Petroleum in and under the Contract Area, each Contracting Company shall have the right to receive and dispose of its share of the Petroleum produced and saved therein, as a reimbursement of costs incurred and remuneration for services rendered, pursuant to the provisions of this Agreement. ARTICLE 3

Work Programme and Budget means any work programme and work programme and Budget, which sets out proposed Petroleum Operations together with the associated Budget as the case may be, submitted to the Co-ordination Committee by the Contractor and approved, or deemed approved, by the Co-ordination Committee. Any Work Programme or Work Programme and Budget not yet so approved shall be referred to as a Draft Work Programme or Draft Work Programme and Budget.

Work Programme and Budget means the work programme and budget agreed as at the date of this Agreement under the Production Sharing Contract, a copy of which is attached to the Disclosure Letter.

Work Programme and Budget means a work programme and budget (which shall include Scheduled Maintenance) for a Contract Year, together with a high level summary of the proposed work programme and budget for the two (2) Contract Years following such Contract Year, as approved or determined in accordance with Clause 9.5 (Work Programme and Budget).