Common use of GOVERNMENT REVENUE Clause in Contracts

GOVERNMENT REVENUE. As provided by Law No. 12,351/2010, the Contractor shall pay the following Governmental Revenues: Signature bonus in the amount of XXX Reais (R$XXX); Royalties in the amount corresponding to fifteen percent (15%) of the Total Volume of Production of Oil and Gas in the Contract Area. ANNEX VI – GENERAL INSTRUCTIONS FOR THE EXPLORATION PLAN General Considerations The general instructions for the Exploration Plan define the objective and the content and set the procedures for its submission to the National Agency of Petroleum, Natural Gas and Biofuels – ANP. The Exploration Plan shall encompass at least the Minimum Exploration Program. Development of the activities of the Minimum Exploration Program may start before approval of the Exploration Plan, as long as ANP is previously notified. The first Exploration Plan shall be submitted by the Consortium Members no later than one hundred and twenty (120) days of the date established in the Agreement for creation of the Operating Committee. In case the Consortium Members are interested in developing exploration activities additional to the Minimum Exploration Program, they shall submit a revised Exploration Plan to ANP upon at least one hundred-twenty (120)-day notice from the beginning of such activities. The activities additional to the Minimum Exploration Program shall start after approval of the Exploration Plan. At its sole discretion, ANP may authorize the beginning of the activities additional to the Minimum Exploration Program before approval of the Exploration Plan. ANP shall have sixty (60) days of receipt of the Exploration Plan to approve it or require modifications by the Consortium Members.