DEVELOPMENT PLAN AND DEVELOPMENT WORK PROGRAMME Sample Clauses

DEVELOPMENT PLAN AND DEVELOPMENT WORK PROGRAMME. (1) The Contractor shall prepare, in consultation with the Minister, the Development Plan based on sound engineering and economic principles and in accordance with good international petroleum industry practice and considering the Maximum Efficient Rate of production appropriate to the Commercial Discovery. (2) The Development Plan submitted by the Contractor to the Minister shall contain– (a) Details of the proposed Development Area, relating to the Commercial Discovery which shall correspond as closely as possible to the extension of the discovered accumulation in the Contract Area, as determined by the analysis of all the relevant available information; (b) Proposals relating to the spacing, drilling and completion of the ▇▇▇▇▇ and the facilities and installations required for the production, storage and transportation of petroleum; (c) A production forecast and an estimate of the investment and expenses involved; and (d) An estimate of the time required to complete each phase of the Development Plan. (3) The Minister and the Contractor shall jointly consider the Development Plan within sixty (60) days of submission thereof and the Minister may within that period, unless otherwise agreed, submit suggested modifications, justifications and revisions thereof. The Contractor shall consider the inclusion of such suggested modifications and revisions in the light of good international petroleum industry practice, and the Development Plan shall be adopted by mutual agreement. Where the Minister proposes no modifications and revisions, the Development Plan of the Contractor shall be adopted sixty (60) days after its submission unless it is adopted by mutual agreement of the Parties before that period has elapsed. Draft Production Sharing Contract Blocks L1B Ministry of Energy Page 30 (4) After a Development Plan has been adopted, the Contractor shall use its best efforts to proceed, promptly and without undue interruption, to implement the Development Plan in accordance with good international petroleum industry practice. Development work shall commence six (6) months from the date of adoption of the Development Plan. In connection therewith, the Contractor shall submit and orally present to the Minister, prior to the first day of October of each year following the adoption of the Development Plan, a detailed statement of the annual development work programme and budget for the next Calendar Year and the provisions of sub- clauses 18(3) and 18(4) shall apply t...