Common use of GOVERNMENT REVENUE Clause in Contracts

GOVERNMENT REVENUE. As provided by Law No. 12,351/2010, the Contracted Party shall pay the following Governmental Revenues: Signature Bonus in the amount of (insert the amount in words) (R$XXX); Royalties in the amount corresponding to fifteen percent (15%) of the Total Production Volume of Oil and Gas in the Contract Area. The general instructions for the Exploration Plan define the objective and the content and determine 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 so the Operating Committee can be created. 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 upon approval of the Exploration Plan. At its sole discretion, ANP may authorize the beginning of the activities additional to the Minimum Exploration Program before the Exploration Plan is approved. ANP shall have sixty (60) days of receipt of the Exploration Plan to approve it or require modifications by the Consortium Members. If ANP requires such modifications, the Consortium Members shall submit them within sixty (60) days of such request, thus repeating the procedure provided for in paragraph 1.1.7 of this annex. The development of the Exploration activities already initiated shall be interrupted if reasonably required by ANP. The Exploration Plan shall: be prepared according to the instructions for its approval contained in this Annex; include information sufficiently comprehensive and detailed for its approval; and allow ANP to know, monitor, and inspect the exploration activities contained therein. The Exploration Plan shall include: identification of the Consortium Members and the Operator; identification of the Contract Area; name of the Sedimentary Basin; number of the Agreement; schedule for the exploration activities of the Exploration Plan and expected annual budgets, based on the attached spreadsheet; and executive summary, which shall contemplate the geological context in which the Contract Area is included (including location map) and a description for the expected exploration activities, presenting its justifications. The approval of the Exploration Plan by ANP does not entail automatic recovery of the costs provided for therein. Any change in the Exploration Plan shall be formally notified to ANP along with the technical justifications that caused it. ANP shall have sixty (60) days to review and, as the case may be, approve the changes proposed for the Exploration Plan. ANP may, at any time, request additional information it deems relevant, as well as verbal explanation of the Exploration Plan and its revisions. Changes in the Exploration Plan do not exempt the Consortium Members from fully complying with the Minimum Exploration Program. The approval of the completion report of the Exploration Plan by ANP does not entail automatic recovery of the costs provided for therein.