Common use of DISPOSAL OF PRODUCTION Clause in Contracts

DISPOSAL OF PRODUCTION. 1. Each party shall separately own, take in kind and dispose of its participating interest share of that portion of the petroleum produced and saved from the participation area to which the Contractor is entitled under clause 27 of the Contract. 2. Within six (6) months following the signing of this Participation Agreement, the parties shall, in accordance with the provisions of the Contract and in light of the gathering and transportation facilities available under the adopted development plan, in good faith establish a set of rules governing the scheduling, lifting and other necessary provisions for the crude oil offtakes of the parties, consistent with good international petroleum industry practice, which shall provide, among other things, such detailed terms and procedures as required for- (a) Short-term production forecasts; (b) Nomination and calculation of entitlements; (c) Scheduling of deliveries;