Crude Oil Sample Clauses

Crude Oil. (i) The Cost Recovery Crude Oil to which CONTRACTOR is entitled hereunder shall be valued by EGPC and CONTRACTOR at "Market Price" for each calendar quarter.

Crude Oil. 6.2.1 CONTRACTOR is authorized by SKK MIGAS and obligated to market all Crude Oil produced and saved from the Contract Area subject to the provisions hereinafter set forth of which the cost shall be borne by CONTRACTOR. 6.2.2 Except as provided in SectionVII Sub-sections 7.1.4 and 7.1.5, CONTRACTOR shall be entitled to take and receive and freely export such Crude Oil. 6.2.3 Of the Crude Oil, SKK MIGAS and CONTRACTOR shall be entitled to take and receive total production share of each Field as follow: For CONTRACTOR: Base Split + (Variable Component’s correction value + Progressive Component’s correction value) The amount resulted from the formula above shall be adjusted to Actual Condition of Variable Component and Progressive Component of each Field at the time of commercial production commence and stipulated in Actual Adjustment Official Report signed by SKK MIGAS and CONTRACTOR and reported to GOI. The amount of production share in the Actual Adjustment Official Report shall serve as a base for adjustment resulted from Progressive Component’s monthly change, stipulated in Progressive Adjustment Official Report signed by SKK MIGAS and CONTRACTOR and reported to GOI. For SKK MIGAS: 100% - CONTRACTOR’s total production share.

Crude Oil. For the purposes of determining the value of Crude Oil (excluding the Associated Gas) received by Second Party, the prices shall be set monthly by Joint Oil and shall be determined on the basis of prices for similar crude oil in the world market and on arms length trading between non-affiliated companies.

Crude Oil. Any mixture of hydrocarbons that is produced from an oil and gas well as a liquid and remains liquid at atmospheric pressure.

Crude Oil. If crude oil is to be produced from the Area the Parties shall in good faith and not less than three (3) months, or such lesser period as the Parties may agree, prior to the scheduled date of first delivery of crude oil, negotiate and conclude the terms of an agreement to cover the offtake of crude oil produced from the Area. Such offtake agreement shall include, without limitation, provision for: (a) the Operator to provide regular periodic advice to the Parties of estimates of total available production broken down by succeeding periods, and grades of crude oil, for as far ahead as is necessary for the Operator and the Parties to plan offtake arrangements. Such advice shall also cover for each grade of crude oil, total available production and 147 deliveries for the preceding period, inventory, overlifts and underlifts and each Party's Participating Interest share of available production after adjustment for overlifts and underlifts ("Entitlement") (b) elimination of overlifts and underlifts; (c) the rights of the Parties if a Party fails in any relevant period to take the whole or part of its Entitlement for that period; (d) delivery to the Parties of Entitlements to ensure, to the extent Parties take delivery of their Entitlements rateably to their accrual, that each Party shall receive current Entitlements in like grade, gravity and quality to that received by each other Party and, to the extent that delivery on such basis is impracticable because of availability of facilities and minimum cargo sizes, a method of making periodic adjustments.

Crude Oil. Tenant agrees that it shall not use the Additional Property or any part of the original 11.1 acre parcel described in the Lease Agreement or the smaller parcels added by the First, Second, and Third Amendments to the Lease Agreement (Collectively the “Property”) to receive, handle, store, ship or otherwise process or distribute crude oil. Section 8 of the Lease Agreement regarding the permitted use of the Property is hereby amended accordingly.

Crude Oil. The following shall apply to CONTRACTOR's participating interest share of Crude Oil produced and saved from the Contract Area.

Crude Oil. 6.1.1 CONTRACTOR is authorized by PERTAMINA and obligated to market all Crude Oil produced and saved from the Contract Area subject to the provisions hereinafter set forth. 6.1.2 CONTRACTOR will recover all Operating Costs out of the sales proceeds or other disposition of the required quantity of Crude Oil equal in value to such Operating Costs which is produced and saved hereunder and not used in Petroleum Operations. Except as provided in clauses 7.1.4 and 7.1.5, CONTRACTOR shall be entitled to take and receive and freely export such Crude Oil. For the purpose of determining the quantity of Crude Oil delivered to CONTRACTOR required to recover said Operating Costs, the weighted average price of all Crude Oil produced and sold from the Contract Area during the Calendar Year will be used, excluding however deliveries made pursuant to clause 5.2.15. If, in any Calendar Year, Operating Costs exceed the value of Crude Oil produced and saved hereunder and not used in Petroleum Operations, then the unrecovered excess shall be recovered in the succeeding years. 6.1.3 Of the Crude Oil remaining after deducting Operating Costs: (a) If the first Crude Oil production of this Contract Area is from a Marginal Field as described herein below, for such Crude Oil production the Parties shall be entitled to take and receive each Year, respectively, sixty four point two eight five seven percent (64.2857%) for PERTAMINA and thirty five point seven one four three percent (35.7143%) for CONTRACTOR over the life of such field. A Marginal Field is the first field of the Contract Area proposed for development and approved by PERTAMINA, capable of Crude Oil production not exceeding ten thousand (10,000) Barrels daily average projected for the initial two (2) producing years (24 consecutive producing months). Marginal Field production represents a separate segment from the others. (b) For Crude Oil production as a result of Tertiary Recovery EOR projects, the Parties shall be entitled to take and receive each Year, respectively, sixty four point two eight five seven percent (64.2857%) for PERTAMINA and thirty five point seven one four three percent (35.7143%) for CONTRACTOR. Tertiary Recovery EOR production represents a separate segment from the others.

Crude Oil. 5.1.1 CONTRACTOR is authorized by PERTAMINA and obligated to market all Crude Oil produced and saved from the Contract Area subject to the provisions hereinafter set forth. 5.1.2 CONTRACTOR will recover all Operating Costs out of the sales proceeds or other disposition of the required quantity of Crude Oil equal in value to such Operating Costs to a maximum of Sixty Five percent (65%) per annum of Crude Oil produced and saved hereunder and not used in Petroleum Operations. Except as provided in clauses 6.1.4 and 6.1.5, CONTRACTOR shall be entitled to take and receive and freely export such Crude Oil. For purposes of determining the quantity of Crude Oil delivered to CONTRACTOR required to recover said Operating Costs, the weighted average price of all Crude Oil produced and sold from the Contract Area during the Calendar Year will be used, excluding however, deliveries made pursuant to clause 4.2.15. If, in any calendar Year, the Operating Costs exceed sixty-five percent (65%). of the value of Crude Oil produced and saved hereunder and not used in Petroleum Operations, then the unrecovered excess shall be recovered in succeeding Years. 5.1.3 Of the Crude Oil remaining after deducting Operating Costs. PERTAMINA shall be entitled to take and receive seventy three point two one four three percent (73.2143%) and CONTRACTOR shall be entitled to take and receive twenty six point seven eight five seven percent (26.7857%).

Crude Oil. (a) The value of Crude Oil sold f.o.b. (or equivalent) the Field Export Point by arm’s length transaction shall be the price payable for it. (b) The value of Crude Oil sold at the Field Export Point by arm’s length transaction other than