Early Oil Production Sample Clauses

Early Oil Production. (a) As part of the Minimum Obligatory Work Programme, Contractor, with the participation of SOCAR, within six months of the Effective Date, shall conduct a study of alternative options for the export of Early Oil Production from the Contract Area prior to construction and commissioning of the Main Export Pipeline. (b) In the event that, based on the technical and economic merits thereof, Contractor makes a positive recommendation to the Steering Committee for the implementation of an Early Oil Production project and the export to world markets of Crude Oil produced from the Contract Area and the Steering Committee approves Contractor's recommendation, Contractor shall propose Annual Work Programmes and Budgets necessary to implement such Early Oil Production project and Contractor's only obligations with respect to any such project will be as set forth in such Annual Work Programmes and Budgets. All costs incurred by Contractor in connection with any such Early Oil Production project, including but not limited to, expenditures incurred in connection with the reversal, repair or modification of any existing pipelines and the construction of any new pipelines (other than the Main Export Pipeline) to transport the Early Oil Production, shall be deemed to be Petroleum Costs. Contractor may request in its sole discretion to use SOCAR as a sub-contractor for some of the work contemplated in connection with the Early Oil Production project. Further, the Parties acknowledge that in order for any Early Oil Production project to proceed and for production therefrom to commence within eighteen (18) months after the Effective Date some or all of the following which will involve the participation of Third Parties will need to be resolved in a timely manner to the satisfaction of the Parties: (i) any Crude Oil exchange agreements envisioned in Contractor's recommendations with the appropriate persons, entities and/or government agencies in the relevant state(s) will need to be negotiated; (ii) throughput and tariff agreements with the owners of pipelines in the relevant state(s) through which the Early Oil Production is to be transported to an export location will need to be negotiated; (iii) terminaling and storage agreements with the owners of terminals and Crude Oil storage tanks at the export point where the Early Oil Production is to be transshipped pursuant to sales agreements will need to be negotiated; (iv) any refining agreements, if the Early Oil Production pr...
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Related to Early Oil Production

  • Production Royalty When Lessee commences production of ores, minerals or materials from the premises, Lessee shall pay to Lessor a production royalty of 3% of the Net Smelter Returns (NSR) received by Lessee from the sale of said ores, minerals or materials, from the Premises. Lessor may buy out the Lessee’s Production Royalty at a rate of One Million Dollars ($1,000,000.00) per Royalty percentage, with the Lessee retaining One Percent (1%). (1) If Lessee sells refined gold or silver, Lessee will be deemed to have received proceeds from the sale thereof equal to the number of ounces of refined gold or silver outturned to Lessee's account during the calendar quarter multiplied in the case of gold by the average daily London Bullion Brokers P .M Gold Fixing during such calendar quarter and in the case of silver by the average of the daily Engelhard industrial bullion price for silver during the calendar quarter. The average price for a calendar quarter shall be determined by dividing the sum of all daily prices posted during the calendar quarter by the number of days that prices were posted. The posted price shall be obtained from the Wall Street Journal, Reuters, E&MJ or other industry-accepted source. If a posted price referenced above becomes no longer available, Lessee shall, acting reasonably, select an alternative posted price that closely approximates such original posted price. Lessee shall have the right to market and sell to third parties refined gold and silver in any manner it chooses, including the sale of such refined gold and silver on the commodity market. In this regard, Lessor shall have no right to participate in any gains and/or profits or obligation to suffer any losses accruing to Lessee as a result of forward sales, options trading, commodities futures trading or similar transactions. (2) Charges to be deducted from proceeds in determining Net Smelter Returns (a) all costs, charges and expenses paid or incurred by Lessee for treatment in the smelting and refining processes (including handling, processing, interest and provisional settlement fees, sampling, assaying and representation costs, penalties and other processor deductions);

  • Natural Gas 21.1 Subject to Article 21.2, the Indian domestic market shall have the first call on the utilisation of Natural Gas discovered and produced from the Contract Area. Accordingly, any proposal by the Contractor relating to Discovery and production of Natural Gas from the Contract Area shall be made in the context of the Government's policy for the utilisation of Natural Gas and shall take into account the objectives of the Government to develop its resources in the most efficient manner and to promote conservation measures. 21.2 The Contractor shall have the right to use Natural Gas produced from the Contract Area for the purpose of Petroleum Operations including reinjection for pressure maintenance in Oil Fields, gas lifting and captive power generation required for Petroleum Operations. 21.3 For the purpose of sales in the domestic market pursuant to this Article 21, the Contractor shall have freedom to market the Gas and sell its entitlement.

  • Additional Products Upon satisfying the minimum order requirements above, Enrolled Affiliate may order Additional Products.

  • Royalty Floor Notwithstanding the foregoing, during any Calendar Quarter in the Royalty Term for a Licensed Product in a particular region in the Territory, the operation of Section 9.3(c), individually or in combination shall not reduce the final royalty rate to [***].

  • Gas If Customer has selected a Gas Fixed Rate, Customer’s Price will be based on the Fixed Rate(s), plus the Administration Charge, set forth in the Application, which includes RITERATE ENERGY’s compressor fuel and transportation charges, administrative and transaction costs and the Gas Balancing Amount and any Regulatory Charges (defined below).

  • Delivery Point The delivery point is the point of delivery of the Power Product to the CAISO Controlled Grid (the “Delivery Point”). Seller shall provide and convey to Buyer the Power Product from the Generating Facility at the Delivery Point. Title to and risk of loss related to the Power Product transfer from Seller to Buyer at the Delivery Point.

  • Contract Quantity The Contract Quantity during each Contract Year is the amount set forth in the applicable Contract Year in Section D of the Cover Sheet (“Delivery Term Contract Quantity Schedule”), which amount is inclusive of outages.

  • Minerals The seller’s share of minerals (if any) will NOT transfer with the surface at closing.

  • Recycled Products The Contractor agrees to comply with all the requirements of Section 6002 of the Resource Conservation and Recovery Act (RCRA), as amended (42 U.S.C. 6962), including but not limited to the regulatory provisions of 40 CFR Part 247, and Executive Order 12873, as they apply to the procurement of the items designated in Subpart B of 40 CFR Part 247. References: 42 U.S.C. 6962, 40 CFR Part 247, Executive Order 12873 (More than $10,000)

  • Notice of Sales of Oil and Gas Properties In the event the Borrower or any Subsidiary intends to sell, transfer, assign or otherwise dispose of any Oil or Gas Properties or any Equity Interests in any Subsidiary in accordance with Section 9.12, prior written notice of such disposition, the price thereof and the anticipated date of closing and any other details thereof requested by the Administrative Agent or any Lender.

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