Common use of Flow of First Oil Clause in Contracts

Flow of First Oil. date of the first measurement of volumes of Oil and Gas at one of the Production Measurement Points in each Development Module. Exploration Phase: contract period in which the Exploration and Assessment are to be performed. Production Phase: contract period in which the Development and the Production are to be performed. Brazilian Supplier: any manufacturer or supplier of goods manufactured or services provided in Brazil through limited liability companies incorporated under the Brazilian laws or companies that use goods manufactured in the Country under special customs regimes and tax incentives applicable to the Oil and Gas Industry.

Flow of First Oil. date of the first measurement of volumes of Oil and Gas at one of the Production Measurement Points in each Development Module. Exploration Phase: contract period in which the Exploration and Assessment are to be performed. Production Phase: contract period in which the Development and the Production are to be performed. Brazilian Supplier: any manufacturer or supplier of goods manufactured or services provided in Brazil Brazil, through limited liability companies incorporated under the Brazilian laws or companies that use goods manufactured in the Country under special customs regimes and tax incentives applicable to the Oil and Gas Industryindustry.

Flow of First Oil. date of the first measurement of volumes of Oil and Gas at one of the Production Measurement Points in each Module of the Development ModulePhase. Exploration Phase: contract period in which the Exploration and Assessment are to be performed. Production Phase: contract period in which the Development and the Production are to be performed. Brazilian Supplier: any manufacturer or supplier of goods manufactured or services provided in Brazil through limited liability companies incorporated under the Brazilian laws or companies that use goods manufactured in the Country under special customs regimes and tax incentives applicable to the Oil and Gas Industry.

Flow of First Oil. date of the first measurement of volumes of Oil and Gas at one of the Production Measurement Points in each Module of the Development ModuleStage. Exploration Phase: contract period in which the Exploration and Assessment are to be performed. Production Phase: contract period in which the Development and the Production are to be performedcarried out. Brazilian Supplier: any manufacturer or supplier of goods manufactured or services provided in Brazil through limited liability companies incorporated under the Brazilian laws or companies that use goods manufactured in the Country under special customs regimes and tax incentives applicable to the Oil and Gas Industryindustry.