Declaration of Commercial Feasibility. Declaration of Commercial Feasibility
Declaration of Commercial Feasibility. Upon compliance with the Discovery Assessment Plan approved by ANP, the Operating Committee may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery.
Declaration of Commercial Feasibility formal and written notification of the Concessionaire to ANP declaring one or more Deposits as a Commercial Discovery in the Concession Area.
Declaration of Commercial Feasibility formal and written notification of the Operating Committee to ANP declaring one or more Deposits as a Commercial Discovery in the Contract Area.
Declaration of Commercial Feasibility. Declaration of Commercial Feasibility
13.1. Upon compliance with the Discovery Assessment Plan approved by ANP, the Operating Committee may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery.
13.1.1. If it has not been submitted to ANP yet, the Final Discovery Assessment Report shall be submitted along with the Declaration of Commercial Feasibility.
13.1.2. The Declaration of Commercial Feasibility shall only be effective upon approval of the Final Discovery Assessment Report by ANP.
13.2. Failure to submit the Declaration of Commercial Feasibility within the term contractually established shall entail the lawful termination of the Agreement with respect to the relevant area retained for the Discovery Assessment.
13.3. The submission of one or more Declarations of Commercial Feasibility shall not exempt the Consortium Members from complying with the Minimum Exploration Program.
Declaration of Commercial Feasibility. Upon compliance with the Initial Work Program, the Concessionaire may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery.
Declaration of Commercial Feasibility. Declaration of Commercial Feasibility
8.1. Upon compliance with the Discovery Assessment Plan approved by ANP, the Concessionaire may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery through notice to ANP.
8.1.1. If it has not been submitted to ANP yet, the Final Discovery Assessment Report shall accompany the Declaration of Commercial Feasibility.
8.1.2. The Declaration of Commercial Feasibility shall only become effective after approval of the Final Discovery Assessment Report by ANP.
8.2. Failure by the Concessionaire to submit the Declaration of Commercial Feasibility in a timely manner shall entail the lawful termination of the Agreement regarding the relevant area retained for the Discovery Assessment.
8.3. Submission of one or more Declarations of Commercial Feasibility shall not exempt the Concessionaire from performance of the Minimum Exploration Program.
8.4. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases:
a) lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years;
b) lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five (5) years.
8.5. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases:
a) lack of technology for the Production, outflow, or refining, expected to be created in less than five (5) years.
b) the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations.
8.6. The Concessionaire may request ANP that the period for postponement of the submission of the Declaration of Commercial Feasibility is extended for five (5) additional years.
Declaration of Commercial Feasibility. The written notice from THE CONTRACTOR to the XXX, my means of which he declares that the Discovery he has made within the Contracted Area is a Commercial Field.
Declaration of Commercial Feasibility. Concessionaire Option
Declaration of Commercial Feasibility. Upon compliance with the Discoveries of Oil or Natural Gas Assessment Plan approved by ANP, the Operating Committee may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery through notice to ANP. If the Final Discoveries of Oil or Natural Gas Assessment Report has not been submitted to ANP yet, it shall accompany the Declaration of Commercial Feasibility. The Declaration of Commercial Feasibility shall only become effective after approval of the Final Discoveries of Oil or Natural Gas Assessment Report by ANP. Failure to submit the Declaration of Commerciality by the end of the Exploration Phase will result in the full termination of the Agreement in relation to the respective area retained for Discovery Assessment. Submission of one or more Declarations of Commercial Feasibility shall not exempt the Consortium Members from performance of the Minimum Exploration Program.
