Common use of ABANDONMENT PLAN Clause in Contracts

ABANDONMENT PLAN. No later than one (1) year prior to first production Contractor shall prepare detailed abandonment plan for each Commercial Field, including the estimated time of abandonment, and an estimate of the cost of abandonment for approval by the Operations Committee. Annually thereafter, Contractor shall examine the estimated costs of abandonment operations and, if appropriate, revise the estimate.

ABANDONMENT PLAN. No later than one (1) year prior to first production Contractor shall prepare detailed abandonment plan for each Commercial Field, detailed per Petroleum Field, including the estimated time date of abandonment, and an estimate of the cost of abandonment for approval by the Operations Committee. Annually thereafter, Contractor shall examine the estimated costs of abandonment operations and, if appropriate, revise propose a revision for approval to the estimateOperations Committee.