Common use of Development and Production Period Clause in Contracts

Development and Production Period. 7.1. If subsequent to a Commercial Discovery, the Contractor submits an application for a Petroleum Production Licence pursuant to the terms of the Act and Article 16 of this Agreement, the term of the Agreement shall be for an initial period of twenty (20) years from the date in which the Production Licence in respect to the Development Area corresponding to such Commercial Discovery is in full force and effect. Such Period shall be referred to as the Initial Production Period. However, if the Commercial Discovery relates to a Natural Gas Field, the term of the Initial Production Period shall be thirty (30) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effect. 7.2. The Contractor may, pursuant to the Act, request by notice to the Minister at least one (1) year prior to the expiry of the Petroleum Production Licence to renew the Licence for a period not exceeding ten (10) years.

Development and Production Period. 7.1. If subsequent to a Commercial Discovery, the Contractor submits an application for a Petroleum Production Licence pursuant to the terms provisions of the Act Act, Regulations and Article 16 of this Agreement, the term of the Agreement Licence shall be for an initial period of twenty (20) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effect. Such Period shall be referred to as the Initial Production Period. However, if the Commercial Discovery relates to a Natural Gas Field, the term of the Initial Production Period Licence shall be for an initial period of thirty (30) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effecteffect being the Initial Production Period. 7.2. The Contractor may, pursuant to the ActAct and Regulations, request by notice apply to the Minister at least one (1) year prior to for the expiry renewal of the Petroleum Production Licence to renew the Licence for a period not exceeding ten (10) years.

Development and Production Period. ‌ 7.1. If If, subsequent to a Commercial Discovery, the Contractor submits an application for a Petroleum Production Licence pursuant to the terms of the Act and Article 16 of this Agreement, the term of the Agreement shall be for an initial period of twenty (20) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effect. Such Period shall be referred to as the Initial Production Period. However, if the Commercial Discovery relates to a Natural Gas Field, the term of the Initial Production Period shall be thirty (30) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effect. 7.2. The Contractor may, pursuant to the Act, request by notice to the Minister at least one (1) year prior to the expiry of the Petroleum Production Licence to renew the Licence for a period not exceeding ten (10) years.

Development and Production Period. 7.1. If If, subsequent to a Commercial Discovery, the Contractor submits an application for a Petroleum Production Licence pursuant to the terms provisions of the Act Act, Regulations and Article 16 of this Agreement, the term of the Agreement Licence shall be for an initial period of twenty (20) years from the date in which the Production Licence Licence, in respect to the Development and Production Area corresponding to such Commercial Discovery Discovery, is in full force and effect. Such Period shall be referred to as the Initial Production Period. However, if the Commercial Discovery relates to a Natural Gas Field, the term of the Initial Production Period Licence shall be for an initial period of thirty (30) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effecteffect being the Initial Production Period. 7.2. The Contractor may, pursuant to the ActAct and Regulations, request by notice apply to the Minister at least one (1) year prior to for the expiry renewal of the Petroleum Production Licence to renew the Licence for a period not exceeding ten (10) years.