Common use of Disposal and Abandonment Clause in Contracts

Disposal and Abandonment. 5.9.1 Operator shall, subject to the Accounting Procedure, dispose of any item of Joint Property which Operator determines is no longer needed or suitable for Joint Operations provided that any such disposal shall be with the prior written approval of the Operating Committee and subject to such terms and conditions as would be arrived at pursuant to arms length negotiations. 5.9.2 If the Parties decide to abandon the Joint Operations, or any part thereof, Operator shall, subject to the Accounting Procedure, recover and endeavour to dispose of as much of the Joint Property as the Operating Committee determines can economically and reasonably be recovered, or as may be required to be recovered under the Licenses, the Petroleum Law or any other applicable law, and the net costs or net proceeds therefrom shall be charged or credited to the Joint Account.

Disposal and Abandonment. 5.9.1 Operator shall, subject to the Accounting Procedure, dispose of any item of Joint Property which Operator determines is no longer needed or suitable for Joint Operations provided that any such disposal shall be with the prior written approval of the Operating Committee and subject to such terms and conditions as would be arrived at pursuant to arms length negotiations. 5.9.2 If the Parties decide to abandon the Joint Operations, or any part thereof, Operator shall, subject to the Accounting Procedure, recover and endeavour to dispose of as much of the Joint Property as the Operating Committee determines can economically and reasonably be recovered, or as may be required to be recovered under the LicensesLicense, the Petroleum Law or any other applicable law, and the net costs or net proceeds therefrom shall be charged or credited to the Joint Account.