Annual Work and Budget Program of the Production Phase document specifying the set of activities to be developed and the ones already developed by the Consortium Members in the next five years, including details of the investments necessary for developing the activities in the Production Phase.
Annual Work and Budget Program of the Production Phase. The Annual Work and Budget Program of the Production Phase applies to the same provisions regarding the Annual Production Program as to the procedures of delivery, approval, and revision.
Annual Work and Budget Program of the Production Phase. The Annual Work and Budget Program of the Production Phase applies to the same provisions regarding the Annual Production Program as to the procedures of delivery, approval, and revision. SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING Measurement As of the Production Start Date of each Development Area or Field, the Consortium Members shall measure, from time to time and on a regular basis, the volume and quality of the Oil and Gas produced at the Measurement Point. The measurement methods, equipment, and tools that shall be used are those established in the respective Development Plan and in the Applicable Laws and Regulations.
Annual Work and Budget Program of the Production Phase. The same provisions regarding the Annual Production Program as to the procedures of delivery, approval, and revision apply to the Annual Work and Budget Program of the Production Phase. The first Annual Work and Budget Program of the Production Phase shall include the remainder of the current year and shall be submitted by the Consortium Members within sixty (60) days of execution of this agreement. If there are more than six (6) months left until the end of the year, the Annual Work and Budget Program of the Production Phase for the current year shall be submitted. If there are fewer than six (6) months left until the end of the year, only the Annual Work and Budget Program of the Production Phase for the subsequent year shall be submitted by October 31 of that year or within the term established in paragraph 12.13, in case its deadline is after October 31. An exception may be made with respect to paragraph 12.13.2 if any activities are to be effectively developed by the Consortium Members in the second semester of the current year, provided that the submission of the Annual Work and Budget Program of the Production Phase is preceded by a prior consultation with ANP regarding the actual need therefor.
Annual Work and Budget Program of the Production Phase. 3.7. By September 1st of each calendar year, the Operator shall deliver to the other Consortium Members a proposal for the Annual Work and Budget Program of the Production Phase detailing the operations to be performed in the following year.
Annual Work and Budget Program of the Production Phase. The same provisions regarding the Annual Production Program regarding delivery, approval and review procedures apply to the Annual Work and Budget Program of the Production Phase. The first Annual Work and Budget Program of the Production Phase must contemplate the remainder of the current year and be presented by the Consortium Members within a maximum period of 60 (sixty) days from the date of the Declaration of Commercial Viability. If there are more than six (6) months to the end of the year, the Annual Work and Budget Program of the Production Phase must be sent, whose reference year is the current year. If there are less than six (6) months to the end of the year, only the Annual Work and Budget Program of the Production Phase that has as reference year the subsequent year must be sent by October 31st of that year, or by the deadline established in paragraph 16.14, if it exceeds October 31st. An exception to paragraph 16.14.2 may be made if there are activities to be effectively carried out by the Consortium Members in the second half of the current year, provided that the presentation of the Annual Work and Budget Program of the Production Phase is preceded by a prior consultation with ANP as to its real need. Clause Seventeen - Measurement and Availability of production Sharing Measurement From the Start Date of Production of each Development Area or Field, the Consortium Members shall, periodically and regularly, measure the volume and quality of Oil and Natural Gas produced at the Measurement Point. The methods, equipment and measuring instruments provided for in the respective Development Plan and in accordance with the Applicable Legislation shall be used.
Annual Work and Budget Program of the Production Phase. By September 1st of each calendar year, the Operator shall deliver to the other Consortium Members a proposal for the Annual Work and Budget Program of the Production Phase detailing the operations to be performed in the following year. Within 30 (thirty) days after delivery, the Operating Committee shall meet to analyze and resolve on the Annual Work and Budget Program of the Production Phase. If the Operating Committee does not approve a certain Operation contained in the Annual Work and Budget Program of the proposed Production Phase, any Contractor may subsequently propose to carry it out as an Exclusive Risk Operation under Section IV. If the Annual Work and Budget Program of the Production Phase is approved by the Operating Committee, the Operator shall take the necessary measures to submit it to ANP for analysis and approval. If ANP requires changes in the Annual Work and Budget Program of the Production Phase, the matter must be submitted again to the Operating Committee for further analysis, following the procedures and deadlines defined in the previous paragraphs. The approved Annual Work and Budget Programs of the Production Phase may be reviewed by the Operating Committee. Whenever a review is approved by the Operating Committee, the Annual Work and Budget Program of the Production Phase must be changed, and the Operator, when this occurs, must prepare and submit such corrections to ANP. Notice of Discovery Any Discovery in the Agreement Area must be formally notified by the Operator to the other Consortium Members and ANP within a maximum period of 72 (seventy-two) hours. The notification shall be accompanied by all the relevant data and information available. Oil or Natural Gas Discovery Assessment Plan If the Operating Committee deems that a Discovery deserves to be assessed, the Operator shall submit to the other Consortium Members a detailed proposal for an Oil or Natural Gas Discovery Assessment Plan within 60 (sixty) days. Within thirty (30) days of the submission of the proposal, the Operating Committee shall meet to analyze and resolve on the proposed Oil or Natural Gas Discovery Assessment Plan. If the Oil or Natural Gas Discovery Assessment Plan is defined by the Operating Committee, the Operator shall take the necessary measures to submit it to ANP for analysis and approval. If ANP requires changes in the Oil or Natural Gas Discovery Assessment Plan, the matter must be submitted again to the Operating Committee for further analysis,...
