Common use of Exploration and Production of Oil and Gas Clause in Contracts

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. The subject matter of this Agreement is the performance, in the Contract Area, for the account and risk of the ContractorContracted Party, of: the Exploration Operations undertaken in the Minimum Exploration Program or its attachmentsadditional thereto, under the terms of an Exploration Plan approved by ANP; the Discovery AssessmentAssessment activities, 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 GasGas Production Operations, 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. The subject matter of this Agreement is the performance, in the Contract Area, for the account and risk of the ContractorContracted Party, of: the Exploration Operations undertaken in the Minimum Exploration Program or its attachments, under the terms of an Exploration Plan approved by ANP; the and Discovery AssessmentAssessment activities, in the event case of a Discovery, at the Consortium Members’ discretion, under a Discovery Assessment Plan approved by Plan, upon request and approval of ANP, or pursuant to the Contracted Party’s own plan; Operations of Production of and Oil and Gas, Gas Production Operations in case the commercial feasibility volumes exceeding those already contracted on a Transfer of the Discovery is verified by the Consortium MembersRights basis, under a Development Plan approved by ANP.