Exploration and Production of Oil and Gas. 2.1. The subject matter of this Agreement is the performance, in the Contract Area, for the account and risk of the Contractor, of:
Exploration and Production of Oil and Gas. The subject matter of this Agreement is the performance, in the Contract Area, for the account and risk of the Contractor, of: the Exploration Operations undertaken in the Minimum Exploration Program or its attachments, under the terms of an Exploration Plan approved by ANP; the Discovery Assessment, in the event of a Discovery, at the Consortium Members’ discretion, under a Discovery Assessment Plan approved by ANP; Operations of Production of Oil and Gas, in case the commercial feasibility of the Discovery is verified by the Consortium Members, under a Development Plan approved by ANP.
Exploration and Production of Oil and Gas. 2.1. The subject matter of this Agreement is:
Exploration and Production of Oil and Gas. The subject matter of this Agreement is: to conduct Exploration Operations in the Concession Area undertaken in the Minimum Exploration Program or in addition thereto; in case of a Discovery, at the Concessionaire’s discretion, to perform a Discovery Assessment under a Discovery Assessment Plan approved by ANP; if the commercial feasibility of the Discovery is verified by the Concessionaire, to Produce Oil and Gas in the Concession Area under a Development Plan approved by ANP. Costs, Losses, and Risks Associated with the Execution of Operations The Concessionaire shall always and exclusively bear all costs and risks related to the execution of the Operations and its consequences. The Concessionaire shall bear all losses it may incur, including the ones resulting from an act of god or force majeure event, as well as accidents or events of nature affecting the Exploration and Production of Oil and Gas in the Concession Area. The Concessionaire shall not be entitled to any payment, redress, refund, reimbursement, or indemnification in the event of failure in the exploration or absence of commercial feasibility of any Discoveries in the Concession Area. The Concessionaire shall be the only party civilly liable for its own actions and the actions of its agents and subcontractors, as well as for the compensation for any damages caused by the Operations and their execution, regardless of fault. The Federal Government and ANP shall be reimbursed for any liens they may endure as a result of any demands motivated by acts under the responsibility of the Concessionaire, which shall bear such reimbursement. The Federal Government and ANP shall not undertake any risks or operating losses or bear costs, investments, and damages related to the execution of the Operations and its consequences. Ownership of Oil and/or Gas The Oil and Gas Deposits existing in the national territory, the continental shelf, and the exclusive economic zone belong to the Federal Government, pursuant to article 20, items V and IX, of the Constitution of the Federative Republic of Brazil, and art. 3 of Law No. 9,478/1997. The Concessionaire shall have the ownership only of the Oil and Gas that are effectively produced and granted thereto at the Production Measurement Point, through original acquisition and according to this Agreement. The Concessionaire shall be subject to charges related to the Government taxes and shares, as well as those provided for in the Applicable Laws and Regulations.
Exploration and Production of Oil and Gas. 2.1. The subject matter of this Agreement is execution, in the Contract Area, at the Contracted Party’s account and risk, of Operations of Exploration and Production of Surplus Oil and Gas on a Transfer of Rights basis in the Contract Area, under a Development Plan approved by ANP.
Exploration and Production of Oil and Gas. The subject matter of this Agreement is the performance, in the Contract Area, for the account and risk of the Contractor, of: the Exploration Operations undertaken in the Minimum Exploration Program or its attachments, under the terms of an Exploration Plan approved by ANP; the Discovery Assessment, in the event of a Discovery, at the Consortium Members’ discretion, under a Discovery Assessment Plan approved by ANP; Operations of Production of Oil and Gas, in case the commercial feasibility of the Discovery is verified by the Consortium Members, under a Development Plan approved by ANP. In case the Concession Agreement [enter the trade name of the concession agreement for the contracted area] of the area adjacent to the Contract Area is in the Production Phase, item “a” of paragraph 2.1, sections Ten and Eleven, and the other dispositions contained in this Agreement regarding the Operations in the Exploration Phase do not apply.
Exploration and Production of Oil and Gas. The subject matter of this Agreement is the execution in the Concession Area: Exploration Operations committed to the Minimum Exploratory Program or additional to it, under the terms of an Exploratory Work Plan approved by the ANP; Discovery Assessment activities, in case of Discovery, at the discretion of the Concessionaire, under the terms of an Assessment Plan for Discoveries of Oil or Natural Gas approved by the ANP and additional to it under the terms of an Exploratory Work Plan approved by the ANP; and; Oil and Natural Gas Development and Production Operations, if the Discovery is verified by the Concessionaire, pursuant to a Development Plan approved by the ANP..
Exploration and Production of Oil and Gas. The purpose of this Contract is to perform, in the Contract Area, at the risk and expense of the Contracted Parties:
