Common use of Exploration Petroleum Costs Clause in Contracts

Exploration Petroleum Costs. The petroleum Exploration Costs incurred by the Contractor for the Exploration Perimeter, including particularly the expenses of geological and geophysical exploration studies and the expenses of exploration drilling and appraisal of a discovery (excluding productive xxxxx, which shall be considered assets which fall under the provisions of Article

Exploration Petroleum Costs. The petroleum Exploration Petroleum Costs incurred by the Contractor for within the Exploration Perimeter, including particularly the expenses of including, in particular, geological and geophysical survey expenses and expenses pertaining to exploration studies well drilling and the expenses evaluation of exploration drilling and appraisal discoveries (with the exception of a discovery (excluding productive xxxxx, which shall be considered recorded as fixed assets which fall under pursuant to the provisions of Articlearticle 4.2 above of this Appendix), shall be treated as deductible expenses in their entirety from the first year in which they are incurred or may be depreciated using the depreciation method selected by the Contractor.