Measurement and Valuation of Petroleum. 10.1 Petroleum produced, used for internal consumption and/or Petroleum Operations, flared, saved and sold from the Contract Area shall be measured for volume, weight and quality applying methods, appliances and procedures prescribed by the Government in this regard from time to time and the Good International Petroleum Industry Practices (GIPIP) using the latest mechanisms available for measurement and valuation of petroleum including online and electronic monitoring.
10.2 The Government may, at all reasonable times, inspect and test the appliances used for measuring the volume and determining the quality of Petroleum.
10.3 The Contractor shall give the Government timely notice of its intention to conduct measuring operations or any agreed alteration for such operations and the Government shall have the right to supervise, either directly or through authorized representatives, such operations.
10.4 The Contractor shall keep all the records of analysis and measurement of hydrocarbons calibrations and proving of measurement system and make available to Government or its authorized agency such records on request or at the end of every quarter. Records shall be kept for the currency of the contract period in the manner prescribed by the Government of India.
10.5 For the purpose of this Contract, the value of Petroleum shall be determined in terms of United States Dollars based on the pricing methodology provided herein.
Measurement and Valuation of Petroleum
