CRUDE OIL ASSESSMENT PROCESS Sample Clauses

CRUDE OIL ASSESSMENT PROCESS. This process is made on a monthly basis, between the 10th and the 15th day of each month, immediately after the month to be reported. It is made based on: ▪ The price of the crude oil components in the distillation Cuts’ model will be the one established with the arithmetic average of the international prices of the two (2) previous Calendar months and the same Calendar month for which the balance is being made. ▪ Prices of the International market for petroleum by – products published by Xxxxx’x and consolidated by the company called Xxxxxx & Xxxxx. ▪ Assay – Type characterization of the pure Crudes and simulation of the mixes that occur through the transportation service. ▪ Real API of each pure crude and mixes, certified by independent inspectors in each transfer point in custody and / or production. The sequence for the management of information in this process is represented in figure 1 below: DC – Contrato de Transporte de Crude Oil – 008 – 2013 78 Illustration 1 – Sequence of activities in the process of assessment Theoretical reasons of the assessment process: The current compensation utilizes two methods to assess the crude oil: ▪ Distillation Cuts ▪ Linear regression of the API Y % S (Bulk Properties) Distillation Cuts: This method utilizes distillation in the lab that models the behavior of each one of the refining processes (the “Distillation Cut”). Combining the results of the fractioning of the Crude Oil with the prices in the U. S. Market (USGC) of some refined products, the value of the barrel of said crude oil in the same market is determined. Illustration 2 shows the simple refining scheme utilized to characterize the currents that take part in the transportation:
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CRUDE OIL ASSESSMENT PROCESS. This process is made on a monthly basis, between the 10th and the 15th day of each month, immediately after the month to be reported. It is made based on: ▪ The price of the crude oil components in the distillation Cuts’ model will be the one established with the arithmetic average of the international prices of the DC – Contrato de Transporte de Crude Oil – 017 – 2013 89 two (2) previous Calendar months and the same Calendar month for which the balance is being made. ▪ Prices of the International market for petroleum by – products published by Xxxxx’x and consolidated by the company called Xxxxxx & Xxxxx. ▪ Assay – Type characterization of the pure Crudes and simulation of the mixes that occur through the transportation service. ▪ Real API of each pure crude and mixes, certified by independent inspectors in each transfer point in custody and / or production. The sequence for the management of information in this process is represented in figure 1 below: Illustration 1 – Sequence of activities in the process of assessment Theoretical reasons of the assessment process: The current compensation utilizes two methods to assess the crude oil: ▪ Distillation Cuts ▪ Linear regression of the API Y % S (Bulk Properties) Distillation Cuts: This method utilizes distillation in the lab that models the behavior of each one of the refining processes (the “Distillation Cut”). Combining the results of the fractioning of the Crude Oil with the prices in the U. S. Market (USGC) of some refined products, the value of the barrel of said crude oil in the same market is determined. Illustration 2 shows the simple refining scheme utilized to characterize the currents that take part in the transportation: DC – Contrato de Transporte de Crude Oil – 017 – 2013 90 Illustration 2 – Distillation Scheme used by the Transporter The cuts made during the distillation in the lab and the analyses made to each one of them are specified in Table 1. GASES FOE LIGHT GASES: METHANE + PROPANE NORMAL PROPANE ISO - BUTANE NORMAL – BUTANE NAPHTHA LIGHT PENTANE AT 160 ºF HEAVY 160 ºF TO 350 ºF DIESEL 350 ºF TO 650 ºF VACUUM GAS OIL (VGO) 650 ºF – 1000 ºF VACUUM BOTTOMS (VB) 1000 ºF + Table 1 – Distillation Ranges in each cut From the foregoing cuts, characteristics are determined, such as: volumetric yield of each one of the fractions, API, sulfur and the viscosity of the bottoms. This set of characteristics is internationally known as ASSAY. Additionally, general characteristics of the crude oil are...

Related to CRUDE OIL ASSESSMENT PROCESS

  • Conformity Assessment Procedures 1. Each Party shall give positive consideration to accepting the results of conformity assessment procedures of other Parties, even where those procedures differ from its own, provided it is satisfied that those procedures offer an assurance of conformity with applicable technical regulations or standards equivalent to its own procedures. 2. Each Party shall seek to enhance the acceptance of the results of conformity assessment procedures conducted in the territories of other Parties with a view to increasing efficiency, avoiding duplication and ensuring cost effectiveness of the conformity assessments. In this regard, each Party may choose, depending on the situation of the Party and the specific sectors involved, a broad range of approaches. These may include but are not limited to: (a) recognition by a Party of the results of conformity assessments performed in the territory of another Party; (b) recognition of co-operative arrangements between accreditation bodies in the territories of the Parties; (c) mutual recognition of conformity assessment procedures conducted by bodies located in the territory of each Party; (d) accreditation of conformity assessment bodies in the territory of another Party; (e) use of existing regional and international multilateral recognition agreements and arrangements; (f) designating conformity assessment bodies located in the territory of another Party to perform conformity assessment; and (g) suppliers’ declaration of conformity. 3. Each Party shall exchange information with other Parties on its experience in the development and application of the approaches in Paragraph 2(a) to (g) and other appropriate approaches with a view to facilitating the acceptance of the results of conformity assessment procedures. 4. A Party shall, upon request of another Party, explain its reasons for not accepting the results of any conformity assessment procedure performed in the territory of that other Party.

  • Diagnostic Assessment 6.3.1 Boards shall provide a list of pre-approved assessment tools consistent with their Board improvement plan for student achievement and which is compliant with Ministry of Education PPM (PPM 155: Diagnostic Assessment in Support of Student Learning, date of issue January 7, 2013). 6.3.2 Teachers shall use their professional judgment to determine which assessment and/or evaluation tool(s) from the Board list of preapproved assessment tools is applicable, for which student(s), as well as the frequency and timing of the tool. In order to inform their instruction, teachers must utilize diagnostic assessment during the school year.

  • Periodic Risk Assessment Provider further acknowledges and agrees to conduct periodic risk assessments and remediate any identified security and privacy vulnerabilities in a timely manner.

  • Risk Assessment An assessment of any risks inherent in the work requirements and actions to mitigate these risks.

  • Environmental Assessment Buyer shall have the right for a period commencing upon execution of this Agreement by both parties and ending on November 28, 2012, to conduct an environmental assessment of the Assets, at Buyer’s sole risk, liability and expense. Seller shall make available to Buyer, during the environmental assessment period described above, Seller’s historical files regarding prior operations on the Assets, and provide Buyer and its representatives with reasonable access to the Assets to conduct the environmental assessment. Buyer shall provide Seller three (3) days prior written notice of a desired date(s) for such assessment and Seller shall have the right to be present during any assessment and, if any testing is conducted pursuant to Seller’s express prior written consent, Seller may require splitting of all samples. Notwithstanding any other provision of this Agreement to the contrary, Buyer shall not have the right to drill any test, monitor or other xxxxx or to extract samples of any air, soil, water or other substance from the Assets without Seller’s express prior written consent. If Buyer proposes a reasonable request to drill a test well or extract a sample pursuant to a systematic and customary procedure for the assessment of the environmental condition of the Assets and Seller refuses to grant its consent to such a well or sampling, then Buyer shall have the right, for a period of seventy-two (72) hours following notification of Seller’s refusal to consent, to deliver written notice to Seller of Buyer’s election to exclude from this transaction the portion of the Assets affected by such proposed test well or sample, and the Purchase Price shall be adjusted accordingly by the Allocated Value of such portion of the Assets so excluded. Under no circumstances whatsoever shall Seller ever be obligated to grant its consent to any such test xxxxx or sampling proposed by Buyer, and Buyer’s sole and exclusive remedy for any refusal by Seller to grant its consent shall be the limited right contained in the preceding sentence to exclude the affected Assets from the transactions contemplated by this Agreement. If Buyer fails to exercise the right to exclude such Assets by written notice to Seller delivered prior to the expiration of the seventy-two hour period described above, then Buyer shall be conclusively deemed to have waived such right and shall be obligated to purchase the affected Assets without conducting such testing or sampling or any adjustment of the Purchase Price unless otherwise provided in this Agreement.

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  • Loss Assessment We will pay up to $1000 for your share of loss assessment charged during the policy period against you by a corporation or as- sociation of property owners, when the assess- ment is made as a result of:

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  • Phase I In Phase I, the project will be connected as a tap to the Transmission Owner’s 230kV transmission line MWP-2 via one 230kV circuit breaker in series with one of two ring bus breakers for stuck breaker protection (one in each direction) and a tie-line breaker, as shown on the one-line diagram labeled CL-E-IA-01 attached to this Appendix A as Figure 1. The changes to the existing MWP-2 line protection for this arrangement are described in Phase I System Upgrades in Section II of this Appendix A.

  • Final Project Report Prepare a Final Project Report that addresses, to the extent feasible, comments made by the Grant Manager on the Draft Final Project Report. Submit one (1) reproducible master and an electronic copy of the final. Upload an electronic copy of the final report in pdf format to the FAAST system.

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