Common use of Commercial Discovery Clause in Contracts

Commercial Discovery. (a) The Contractor may, at any time and having regard to paragraph 4.10(b), declare that a Commercial Discovery has been made. (b) The declaration is to be made in such manner, and be accompanied by such supporting data and information, as the Designated Authority requires, including the Contractor's proposal as to that part of the Contract Area to be declared a Development Area. (c) The Designated Authority shall declare those Sub-Blocks which encompass the Field in which the Commercial Discovery has been made plus a reserve margin sufficient to cover the probable extent of the Field, to be a Development Area, but may exclude deeper formations in which no Discovery has been made. The Designated Authority, at any time and from time to time, of its own volition or that of the Contractor, may: (i) add Sub-Blocks then in the Contract Area to; (ii) remove Sub-Blocks from; or (iii) vary by depth within the Contract Area, a Development Area as may be required to ensure that it encompasses the Field concerned, but not, unless the Designated Authority and the Contractor otherwise agree, after the first Development Plan in respect of the Development Area has been approved. The Contractor shall relinquish any part of the Contract Area removed from a Development Area as a consequence of such removal or other variation, if it occurs after the time for the relinquishment provided for in paragraph 3.2(a).

Commercial Discovery. ‌ (a) The Contractor Contractors may, at any time and having regard to paragraph 4.10(b), declare that a Commercial Discovery has been made. (b) The declaration is to be made in such manner, and be accompanied by such supporting data and information, as the Designated Authority Ministry requires, and as the State-Owned Contractor requires to make its election under Section 8.1, including the Contractor's Contractors’ proposal as to that part of the Contract Area to be declared a Development Area. (c) The Designated Authority Ministry shall declare those Sub-Blocks which encompass a single contiguous area encompassing the Field in which the Commercial Discovery has been made plus a reserve margin sufficient to cover the probable extent of the Fieldmade, to be a Development Area, but may exclude deeper formations in which no Discovery has been made. . (d) The Designated AuthorityMinistry, at any time and from time to time, of its own volition or that of the Contractor, may: (i) add Sub-Blocks then in the Contract Area toincrease; (ii) remove Sub-Blocks fromdecrease; or (iii) vary by the depth within the Contract Area, Area of; a Development Area as may be required to ensure that it encompasses the Field concerned, but not, unless the Designated Authority Ministry and the Contractor Contractors otherwise agree, after the first Development Plan in respect of the Development Area has been approved. The Contractor Contractors shall relinquish any part of the Contract Area removed from a Development Area as a consequence of such removal decrease or other variation, if it occurs after the time for the relinquishment provided for in paragraph 3.2(a).

Commercial Discovery. (a) The Contractor may, at any time and having regard to paragraph 4.10(b4.9(b), declare that a Commercial Discovery has been made. (b) The declaration is to be made in such manner, and be accompanied by such supporting data and information, as the Designated Authority requires, including the Contractor's proposal as to that part of the Contract Area to be declared a Development Area. (c) The Designated Authority shall declare those Sub-Blocks which encompass the Field in which the Commercial Discovery has been made plus a reserve margin sufficient to cover the probable extent of the Field, to be a Development Area, but may exclude deeper formations in which no Discovery has been made. The Designated Authority, at any time and from time to time, of its own volition or that of the Contractor, may: (i) add Sub-Blocks then in the Contract Area to; (ii) remove Sub-Blocks from; or (iii) vary by depth within the Contract Area, a Development Area as may be required to ensure that it encompasses the Field concerned, but not, unless the Designated Authority and the Contractor otherwise agree, after the first Development Plan in respect of the Development Area has been approved. The Contractor shall relinquish any part of the Contract Area removed from a Development Area as a consequence of such removal or other variation, if it occurs after the time for the relinquishment provided for in paragraph 3.2(a).

Commercial Discovery. (a) The Contractor may, at any time and having regard to paragraph 4.10(b4.12(b), declare that a Commercial Discovery has been made. (b) The Contractor, in making such a declaration should take into account all technical, operational, commercial and financial data collected when carrying out Appraisal Works or similar operations, including but not limited to recoverable reserves of Petroleum, sustainable regular production levels and other material technical, operational, commercial and financial parameters, all in accordance with Industry Best Practice. (c) The declaration is to be made in such manner, and be accompanied by such supporting data and information, as the Designated Authority ANP requires, and if applicable, as the State-Owned Contractor requires, in order to make its election under Section 8.1, including the Contractor's ’s proposal as to that part of the Contract Area to be declared a Development Area. (cd) The Designated Authority ANP shall declare those Sub-Blocks which encompass a single Contiguous area encompassing the Field in which the Commercial Discovery has been made plus a reserve margin sufficient to cover the probable extent of the Fieldmade, to be a Development Area, but may exclude deeper formations in which no Discovery has been made. . (e) The Designated AuthorityANP, at any time and from time to time, of its own volition or that of the Contractor, may: (i) add Sub-Blocks then in the Contract Area toincrease; (ii) remove Sub-Blocks fromdecrease; or (iii) vary by depth the depth; within the Contract Area, Area of a Development Area as may be required to ensure that it encompasses the Field concerned, but not, unless the Designated Authority ANP and the Contractor otherwise agree, after the first Development Plan in respect of the Development Area has been approved. . (f) The Contractor shall relinquish any part of the Contract Area removed from a Development Area as a consequence of such removal decrease or other variation, if it occurs after the time for the relinquishment provided for in paragraph 3.2(a).