Gross Production Value. 2.1. The Gross Production Value, based on which the Profit Oil shall be defined, shall be calculated for the Field or, when applicable, for each Development Module, according to the following formula: Where, XXXx XXXx,x XXx,x VIPg,m RPg,m GPVm: Gross Production Value for month “m”; VIPo, m: Volume of Inspected Production of oil for month “m”, in cubic meters; RPo, m: Reference price of Oil in month “m”; VIPg, m: Volume of Inspected Production of natural gas for month “m”, in cubic meters; RPg, m: Reference Price of Natural Gas in month “m”.
Appears in 5 contracts
Samples: Consortium Agreement, Consortium Agreement, Consortium Agreement