Cost Recovery and Production Sharing Sample Clauses

Cost Recovery and Production Sharing. 10.1 For purposes of Cost Recovery and Production Sharing, ring fencing around each Contract Area shall apply. In the event that a Licensee has more than one Contract Area, the calculations shall be done on a contract by contract basis. There shall be no consolidation. 10.2 All exploration, development, production and operating expenditures, as defined in Annex C, incurred by the Licensee shall be recovered from 50% of gross oil production after deduction of the Royalty specified in paragraph 9. 1. Cost recovery in respect of gas production will be negotiated upon the discovery of gas. 10.3 After the cost recovery specified in paragraph 10.2 the following Government/Licensee split will apply on the remaining total daily production (profit oil), Production BOPD Government Production Share Licensee Production Share (i) Where production does not exceed 5.000 50% 50% (ii) Where production is higher than 5000 but does not exceed 10,000 55% 45% (iii) Where production is higher than 10,000 but does not exceed 20,000 60% 40% (iv) Where production is higher than 20.000 but does not exceed 30.000 65% 35% (v) Where production is higher than 30.000 but does not exceed 40.000 75% 25% (vi) Where production is higher than 40,000 85% 15% 10.4 The Government/Licensee profit oil split is based on total production and not on incremental production. 10.5 The calculation for the Government/Licensee split shall be based on monthly production. 10.6 The Government shall receive its share of profit oil in kind or in cash depending on its (Government) preference. The valuation shall be in accordance with Article 12. 10.7 The Licensee shall carry forward to subsequent years all unrecovered costs until full recovery is completed 10.8 Not less than thirty (30) days. prior to the beginning of each Calendar Year, Licensee shall prepare and furnish to the Government for approval, which approval shall not be unreasonably withheld, an estimate by Quarters for the forthcoming Calendar Year of (i) all Contract Revenues and Contract Expenses to be incurred, (ii) Income Tax of Licensee (or each entity comprising Licensee, as the case may be) in respect of taxable income derived from Petroleum Operations carried out hereunder, for such Calendar Year. Such estimate shall be consistent with the forecast statement furnished pursuant to paragraph 7.8 and the annual Work Programme Budget approved by the Advisory Committee pursuant to Article 5. and shall set forth the other assumptions and projectio...
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Cost Recovery and Production Sharing. Subject to the terms and conditions of this Agreement, the Contractor shall bear and pay all contract costs incurred in carrying out petroleum operations and shall recover contract costs only from cost oil as herein provided. All recoverable contract costs incurred by the Contractor shall, subject to the terms and conditions of any agreement relating to Non-Associated gas made pursuant to Article 12, be recovered from the value, determined in accordance with Article 13, of a volume of crude oil (hereinafter referred to as "cost oil") produced and sold from the contract area and limited in any month to an amount which equals seventy-five percent (75%) of the total production from the contract area for such month excluding any crude oil used in petroleum operations or which is lost. "Recoverable contract costs" means such costs as the Contractor is permitted to recover, as from the date they have been incurred, pursuant to the provisions of Annex C. To the extent that in any month, recoverable contract costs exceed the value of cost oil determined in accordance with Article 13, the unrecovered amount shall be carried forward and, subject to the limitation stipulated in Article 11.2, shall be recoverable in the immediately succeeding month, and to the extent not then recovered, in the subsequent month or months. The balance of crude oil available in any month after recoverable contract costs have been satisfied to the extent aforesaid (hereinafter referred to as "profit oil") shall be shared between the Government and the Contractor for each field in the following proportions: Contractor fifty percent (50%) and Minister fifty percent (50%). The quantity of cost oil actually utilized in satisfying the recoverable contract costs may be allocated by the Contractor to production from any field or fields. Subject to the provision of Article 14, the profit oil shall be shared between the Government and Contractor on a monthly basis according to their respective entitlements as specified in Article 11.4. To the extent that the actual quantities and costs required to determine cost oil and profit oil for the month in question are not known, crude oil sharing shall be calculated on an interim basis each month taking the following factors into account - unrecovered recoverable contract cost; estimated current recoverable contract cost by reference to the agreed work programme and budget supplemented by any other relevant documents or information which are accepted by C...
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Cost Recovery and Production Sharing. 11.1 Subject to the terms and conditions of this Agreement, the Contractor shall bear and pay all Contract Costs incurred in carrying out Petroleum Operations and shall recover Contract Costs only from Cost Petroleum as herein provided. 11.2 All Recoverable Contract Costs incurred by the Contractor shall, subject to the terms and conditions of any agreement relating to Non-Associated Gas made pursuant to Article 12, be recovered from the value, determined in accordance with Article 13, of a volume of Petroleum (hereinafter referred to as “Cost Petroleum”) produced and sold from the Contract Area and limited in any Month to an amount which equals seventy-five percent (75%) of the total production from the Contract Area for such Month excluding any Crude Oil and/or Natural Gas used in Petroleum Operations or which is lost.
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Cost Recovery and Production Sharing. Cost Recovery For the purposes of this Article 13, all Petroleum produced and saved in the Contract Area, after deduction of Petroleum used by Contractor in the conduct of Petroleum Operations and after further deduction of the Royalty provided for in Article 34, is defined as “Available Petroleum”.
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Cost Recovery and Production Sharing. 13.1 Subject to the provisions relating to participation, the Contractor shall assume and pay all the Petroleum Costs incurred during the execution of the Petroleum Operations, and it shall recover said costs according to the procedures defined in Accounting Appendix D. The costs directly attributable to the development and production of Non-Associated Gas shall be subject to a specific agreement in accordance with the provisions of the present Contract. 13.2 The Petroleum Costs, within the limits authorized by the provisions of Appendix "D", shall be recovered from up to seventy-five percent (75%) of the Available Crude, on a yearly basis for oil and eighty percent (80%) for condensate. The cost recovery shall occur as follows: (a) The recovery of the operating costs shall be made entirely during the Year when such costs have been incurred; (b) The recovery of the exploration costs shall be made from the start-up Year of the first commercial production deriving from the Contract Area; (c) The development investments shall be amortized over five (5) years from the start-up Year of the first production; (d) The investments related to the exploitation phase shall be amortized over five (5) Years from the date of their realization; (e) Investments shall be recovered including an increased markup of fifteen percent (15%); (f) However when total production will have reached its Economic Limit such as defined in Article 13.7 hereinunder, the Parties shall consult to take a decision by consensus. This meeting will take place within thirty (30) days from the date at which the written notification by the Contractor was received by the Minister.
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Cost Recovery and Production Sharing 
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Related to Cost Recovery and Production Sharing

  • ESTIMATED / SPECIFIC QUANTITY CONTRACTS Estimated quantity contracts, also referred to as indefinite delivery / indefinite quantity contracts, are expressly agreed and understood to be made for only the quantities, if any, actually ordered during the Contract term. No guarantee of any quantity is implied or given. With respect to any specific quantity stated in the contract, the Commissioner reserves the right after award to order up to 20% more or less (rounded to the next highest whole number) than the specific quantities called for in the Contract. Notwithstanding the foregoing, the Commissioner may purchase greater or lesser percentages of Contract quantities should the Commissioner and Contractor so agree. Such agreement may include an equitable price adjustment.

  • DISTRIBUTION OF CONTRACTOR PRICE LIST AND CONTRACT APPENDICES Contractor shall provide Authorized Users with electronic copies of the Contract, including price lists and Appendices, upon request. Contract Updates will be handled as provided in Appendix C – Contract Modification Procedures.

  • Safety Equipment Should the employment duties of an employee in the bargaining unit require use of any equipment or gear to insure the safety of the employee or others, the District agrees to furnish such equipment or gear.

  • Durable Medical Equipment (DME), Medical Supplies, Prosthetic Devices, Enteral Formula or Food, and Hair Prosthesis (Wigs) This plan covers durable medical equipment and supplies, prosthetic devices and enteral formula or food as described in this section. DME is equipment which: • can withstand repeated use; • is primarily and customarily used to serve a medical purpose; • is not useful to a person in the absence of an illness or injury; and • is for use in the home. DME includes supplies necessary for the effective use of the equipment. This plan covers the following DME: • wheelchairs, hospital beds, and other DME items used only for medical treatment; and • replacement of purchased equipment which is needed due to a change in your medical condition or if the device is not functional, no longer under warranty, or cannot be repaired. DME may be classified as a rental item or a purchased item. In most cases, this plan only pays for a rental DME up to our allowance for a purchased DME. Repairs and supplies for rental DME are included in the rental allowance. Medical supplies are consumable supplies that are disposable and not intended for re- use. Medical supplies require an order by a physician and must be essential for the care or treatment of an illness, injury, or congenital defect. Covered medical supplies include: • essential accessories such as hoses, tubes and mouthpieces for use with medically necessary DME (these accessories are included as part of the rental allowance for rented DME); • catheters, colostomy and ileostomy supplies, irrigation trays and surgical dressings; and • respiratory therapy equipment. This plan covers diabetic equipment and supplies for the treatment of diabetes in accordance with R.I. General Law §27-20-30. Covered diabetic equipment and supplies include: • therapeutic or molded shoes and inserts for custom-molded shoes for the prevention of amputation; • blood glucose monitors including those with special features for the legally blind, external insulin infusion pumps and accessories, insulin infusion devices and injection aids; and • lancets and test strips for glucose monitors including those with special features for the legally blind, and infusion sets for external insulin pumps. The amount you pay differs based on whether the equipment and supplies are bought from a durable medical equipment provider or from a pharmacy. See the Summary of Pharmacy Benefits and the Summary of Medical Benefits for details. Coverage for some diabetic equipment and supplies may only be available from either a DME provider or from a pharmacy. Visit our website to determine if this is applicable or call our Customer Service Department. Prosthetic devices replace or substitute all or part of an internal body part, including contiguous tissue, or replace all or part of the function of a permanently inoperative or malfunctioning body part and alleviate functional loss or impairment due to an illness, injury or congenital defect. Prosthetic devices do not include dental prosthetics. This plan covers the following prosthetic devices as required under R.I. General Law § 27-20-52: • prosthetic appliances such as artificial limbs, breasts, larynxes and eyes; • replacement or adjustment of prosthetic appliances if there is a change in your medical condition or if the device is not functional, no longer under warranty and cannot be repaired; • devices, accessories, batteries and supplies necessary for prosthetic devices; • orthopedic braces except corrective shoes and orthotic devices used in connection with footwear; and • breast prosthesis following a mastectomy, in accordance with the Women’s Health and Cancer Rights Act of 1998 and R.I. General Law 27-20-29. The prosthetic device must be ordered or provided by a physician, or by a provider under the direction of a physician. When you are prescribed a prosthetic device as an inpatient and it is billed by a provider other than the hospital where you are an inpatient, the outpatient benefit limit will apply. Enteral formula or food is nutrition that is absorbed through the intestinal tract, whether delivered through a feeding tube or taken orally. Enteral nutrition is covered when it is the sole source of nutrition and prescribed by the physician for home use. In accordance with R.I. General Law §27-20-56, this plan covers enteral formula taken orally for the treatment of: • malabsorption caused by Crohn’s Disease; • ulcerative colitis; • gastroesophageal reflux; • chronic intestinal pseudo obstruction; and • inherited diseases of amino acids and organic acids. Food products modified to be low protein are covered for the treatment of inherited diseases of amino acids and organic acids. Preauthorization may be required. The amount that you pay may differ depending on whether the nutrition is delivered through a feeding tube or taken orally. When enteral formula is delivered through a feeding tube, associated supplies are also covered. This plan covers hair prosthetics (wigs) worn for hair loss suffered as a result of cancer treatment in accordance with R.I. General Law § 27-20-54 and subject to the benefit limit and copayment listed in the Summary of Medical Benefits. This plan will reimburse the lesser of the provider’s charge or the benefit limit shown in the Summary of Medical Benefits. If the provider’s charge is more than the benefit limit, you are responsible for paying any difference. This plan covers Early Intervention Services in accordance with R.I. General Law §27- 20-50. Early Intervention Services are educational, developmental, health, and social services provided to children from birth to thirty-six (36) months. The child must be certified by the Rhode Island Department of Human Services (DHS) to enroll in an approved Early Intervention Services program. Services must be provided by a licensed Early Intervention provider and rendered to a Rhode Island resident. Members not living in Rhode Island may seek services from the state in which they reside; however, those services are not covered under this plan. Early Intervention Services as defined by DHS include but are not limited to the following: • speech and language therapy; • physical and occupational therapy; • evaluation; • case management; • nutrition; • service plan development and review; • nursing services; and • assistive technology services and devices.

  • Minimum Site Requirements for TIPS Sales (when applicable to TIPS Sale). Cleanup: When performing work on site at a TIPS Member’s property, Vendor shall clean up and remove all debris and rubbish resulting from their work as required or directed by the TIPS Member or as agreed by the parties. Upon completion of work, the premises shall be left in good repair and an orderly, neat, clean and unobstructed condition. Preparation: Vendor shall not begin a project for which a TIPS Member has not prepared the site, unless Vendor does the preparation work at no cost, or until TIPS Member includes the cost of site preparation in the TIPS Sale Site preparation includes, but is not limited to: moving furniture, installing wiring for networks or power, and similar pre‐installation requirements. Registered Sex Offender Restrictions: For work to be performed at schools, Vendor agrees that no employee of Vendor or a subcontractor who has been adjudicated to be a registered sex offender will perform work at any time when students are, or reasonably expected to be, present unless otherwise agreed by the TIPS Member. Vendor agrees that a violation of this condition shall be considered a material breach and may result in the cancellation of the TIPS Sale at the TIPS Member’s discretion. Vendor must identify any additional costs associated with compliance of this term. If no costs are specified, compliance with this term will be provided at no additional charge. Safety Measures: Vendor shall take all reasonable precautions for the safety of employees on the worksite, and shall erect and properly maintain all necessary safeguards for protection of workers and the public. Vendor shall post warning signs against all hazards created by the operation and work in progress. Proper precautions shall be taken pursuant to state law and standard practices to protect workers, general public and existing structures from injury or damage. Smoking: Persons working under Agreement shall adhere to the TIPS Member’s or local smoking statutes, codes, ordinances, and policies.

  • Consumables During the design phase, Purchaser may participate in the selection of suppliers of consumables of the Supplier. In such case, the choice regarding the final selection of the said suppliers shall be mutually agreed between the Parties. Two suppliers shall be identified and selected for each type of consumables.

  • Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location that could give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Law;

  • Transporting Students 1. Employees shall not transport students except in accordance with School Board rules. The Board shall adopt a school board policy outlining the teacher’s and the Board’s responsibilities and liabilities. Said policy shall be included in all school handbooks beginning with the 2004-05 school year. 2. Teachers will not be required to transport pupils to and from activities which take place away from the school grounds.

  • As-Built Plans Within thirty (30) days after completion of Tenant’s Changes requiring the submission of plans to Landlord, Tenant shall furnish to Landlord a complete set of “as-built” plans and specifications.

  • Computer Equipment Recycling Program If this Contract is for the purchase or lease of computer equipment, then Contractor certifies that it is in compliance with Subchapter Y, Chapter 361 of the Texas Health and Safety Code related to the Computer Equipment Recycling Program and the Texas Commission on Environmental Quality rules in 30 TAC Chapter 328.

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