MATERIAL AND EQUIPMENT. Material and Equipment purchased or furnished by Contractor, Operator or Sub-Contractor for use in Petroleum Operations as provided under Section 10 of this Accounting Procedure. To the extent reasonable, practical and consistent with efficient economical operation, only such Material and Equipment shall be purchased or transferred for use in Petroleum Operations as may be required for immediate use or prudent contingent stock. The accumulation of surplus stocks shall be avoided.
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Samples: Production Sharing Contract (Kosmos Energy Ltd.), Production Sharing Contract (Kosmos Energy Ltd.)
MATERIAL AND EQUIPMENT. Material and Equipment purchased or furnished by Contractor, Operator or Sub-the Contractor for use in Petroleum Operations as provided under Section 10 4 of this Accounting Procedure. To the extent reasonable, So far as it is reasonably practical and consistent with efficient and economical operation, only such Material and Equipment shall be purchased or transferred for use in Petroleum Operations as may be required for immediate use or prudent contingent stock. The accumulation of surplus stocks shall be avoided.
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Samples: Joint Development and Production Sharing Agreement, Joint Development and Production Sharing Agreement
MATERIAL AND EQUIPMENT. Material and Equipment purchased or furnished by Contractor, Operator or Sub-Contractor for use in Petroleum Operations as provided under Section 10 4 of this Accounting Procedure. To the extent reasonable, So far as it is reasonably practical and consistent with efficient and economical operation, only such Material and Equipment shall be purchased or transferred for use in Petroleum Operations as may be required for immediate use or prudent contingent stock. The accumulation of surplus stocks shall be avoided.
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