Common use of New Production Sharing Agreement Clause in Contracts

New Production Sharing Agreement. In the event of division of the Contract Area for any reason, a new Production Sharing agreement shall be executed for each area resulting from the division, keeping the same terms, obligations, programs, and deadlines of the original Agreement. Upon approval of the Assignment, the Contracting Party shall call ANP and the Consortium Members to execute the new Production Sharing Agreements within thirty (30) days. The new Production Sharing agreements entered into by the Parties shall be effective as of the date of their execution, under the Applicable Laws and Regulations. Within the scope of credit transactions or credit facility agreement, the Contractors may create guarantee on the rights arising from this Agreement. The Contractor shall notify ANP about the guarantee operation provided for in paragraph 30.20, above, sending a copy of the relevant instrument of guarantee within thirty (30) days of the date of its execution. The guarantee shall be foreclosed under the Applicable Laws and Regulations and upon notice to ANP pursuant to the instrument of guarantee, provided that the transfer of ownership arising from the foreclosure of the guarantee is an assignment and depends on prior and express consent of the Contracting Party, based on ANP’s opinion.

New Production Sharing Agreement. In the event of division of the Contract Area for any reason, a new Production Sharing agreement shall be executed for each area resulting from the division, keeping the same terms, obligations, programs, and deadlines of the original Agreement. Upon approval of the Assignment, the Contracting Party shall call ANP and the Consortium Members to execute the new Production Sharing Agreements within thirty (30) days. The new Production Sharing agreements entered into by the Parties shall be effective as of the date of their execution, under the Applicable Laws and Regulations. Within the scope of credit transactions or credit facility agreement, the Contractors Contracted Parties may create guarantee on for the rights arising from this Agreement. The Contractor Contracted Party shall notify ANP about the guarantee operation provided for in paragraph 30.20, above, sending 29.20 and send a copy of the relevant instrument of guarantee within thirty (30) days of the date of its execution. The guarantee shall be foreclosed under the Applicable Laws and Regulations and upon notice to ANP pursuant to the instrument of guarantee, provided that the transfer of ownership arising from the foreclosure of the guarantee is an assignment and depends on prior and express consent of the Contracting Party, based on ANP’s opinion.

New Production Sharing Agreement. In the event of division of the Contract Area for any reason, a new Production Sharing agreement shall be executed for each area resulting from the division, keeping the same terms, obligations, programs, and deadlines of the original Agreement. Upon approval of the Assignment, the Contracting Party shall call ANP and the Consortium Members to execute the new Production Sharing Agreements within thirty (30) days. The new Production Sharing agreements entered into by the Parties shall be effective as of the date of their execution, under the Applicable Laws and Regulations. Within the scope of credit transactions or credit facility agreement, the Contractors Contracted Parties may create guarantee on for the rights arising from this Agreement, under the Applicable Laws and Regulations. The Contractor Contracted Party shall notify ANP about the guarantee operation provided for in paragraph 30.20, above, sending 27.18 and send a copy of the relevant instrument of guarantee within thirty (30) days of the date of its execution. The guarantee shall be foreclosed under the Applicable Laws and Regulations and upon notice to ANP pursuant to the instrument of guarantee, provided that the transfer of ownership arising from the foreclosure of the guarantee is an assignment Assignment and depends on prior and express consent of the Contracting Party, based on ANP’s opinion.