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 provisions of the Act, Regulations and Article 16 of this Agreement, the term of the 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 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 effect being the Initial Production Period. 7.2. The Contractor may, pursuant to the Act and Regulations, apply to the Minister for the renewal of the Petroleum Production 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 provisions of the Act, Regulations and Article 16 of this Agreement, the term of the 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 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 effect being the Initial Production Period. 7.2. The Contractor may, pursuant to the Act and Regulations, apply to the Minister for the renewal of the Petroleum Production 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 provisions terms of the Act, Regulations Act and Article 16 of this Agreement, the term of the Licence Agreement 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 Licence Initial Production Period 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 effect being the Initial Production Periodeffect. 7.2. The Contractor may, pursuant to the Act and RegulationsAct, apply request by notice to the Minister for at least one (1) year prior to the renewal 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 provisions terms of the Act, Regulations Act and Article 16 of this Agreement, the term of the Licence Agreement 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 Licence Initial Production Period 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 effect being the Initial Production Periodeffect. 7.2. The Contractor may, pursuant to the Act and RegulationsAct, apply request by notice to the Minister for at least one (1) year prior to the renewal expiry of the Petroleum Production Licence to renew the Licence for a period not exceeding ten (10) years.