Common use of Development Clause in Contracts

Development. In case the Operating Committee declares the commercial feasibility of a Discovery, the Operator shall, as soon as possible, submit to the other Consortium Members a Development Plan, pursuant to the Agreement. After receipt of the Development Plan and before any applicable term under the Agreement, the Operating Committee shall meet to analyze and define the Development Plan. In case ANP requires changes in the Development Plan, the matter shall be submitted to the Operating Committee for new analysis. By September 1st of every calendar year, the Operator shall submit to the other Consortium Members the proposed Annual Production Program of the Development Area or Field of the Contract Area in detail, which shall be subsequently submitted to ANP for analysis and approval, in compliance with Section Sixteen of the Agreement. During the period of thirty (30) days as of submission of the Annual Production Program or sooner, if necessary to meet any applicable deadline under the Agreement, the Operating Committee shall meet to analyze and resolve upon the revision of the Annual Production Program. In case the Annual Production Program is established by the Operating Committee, the Operator shall take the measures necessary for submitting it to ANP for analysis and approval. In case ANP requires changes in the Annual Production Program, the matter shall be submitted again to the Operating Committee for further analysis, following the procedures and deadlines established in the preceding paragraphs.

Development. In case the Operating Committee declares the commercial feasibility of a Discovery, the Operator shall, as soon as possible, submit to the other Consortium Members a Development Plan, pursuant to the Agreement. After receipt of the Development Plan and before any applicable term under the Agreement, the Operating Committee shall meet to analyze and define the Development Plan. In case ANP requires changes in the Development Plan, the matter shall be submitted to the Operating Committee for new analysis. By September 1st 1 of every calendar year, the Operator shall submit to the other Consortium Members the proposed detailed proposal for the Annual Production Program of the Development Area or Field of the Contract Area in detailArea, which shall be subsequently submitted to ANP for analysis and approval, in compliance with Section Sixteen of the Agreement. During the period of thirty (30) days as of the submission of the Annual Production Program or sooner, if necessary to meet any applicable deadline under the Agreement, the Operating Committee shall meet to analyze and resolve upon the revision of the Annual Production Program. In case the Annual Production Program is established by the Operating Committee, the Operator shall take the necessary measures necessary for submitting to submit it to ANP for analysis and approval. In case ANP requires changes in the Annual Production Program, the matter shall be submitted again to the Operating Committee for further analysis, following the procedures and deadlines established in the preceding paragraphs.