Offtake Agreement for Crude Oil Sample Clauses

Offtake Agreement for Crude Oil. If crude oil is to be produced from an Exploitation Area, the Parties shall in good faith, and not less than three (3) months prior to first delivery of crude oil, negotiate and conclude the terms of an agreement to cover the offtake of crude oil produced under the Contract. GNPC may, if necessary and practicable, also be party to the offtake agreement. This offtake agreement shall, to the extent consistent with the Contract, make provision for: (A) The delivery point, at which title and risk of loss of Participating Interest shares of crude oil shall pass to the Parties interested (or as the Parties may otherwise agree); (B) Operator’s regular periodic advice to the Parties of estimates of total available production for succeeding periods, quantities of each grade of crude oil and each Party’s share for as far ahead as is necessary for Operator and the Parties to plan offtake arrangements. Such advice shall also cover for each grade of crude oil total available production and deliveries for the preceding period, inventory and overlifts and underlifts; (C) Nomination by the Parties to Operator of acceptance of their shares of total available production for the succeeding period. Such nominations shall in any one period be for each Party’s entire share of available production during that period subject to operational tolerances and agreed minimum economic cargo sizes or as the Parties may otherwise agree; (D) Elimination of overlifts and underlifts; (E) If offshore loading or a shore terminal for vessel loading is involved, risks regarding acceptability of tankers, demurrage and (if applicable) availability of berths; (F) Distribution to the Parties of available grades, gravities and qualities of Hydrocarbons to ensure, to the extent Parties take delivery of their Entitlements as they accrue, that each Party shall receive in each period Entitlements of grades, gravities and qualities of Hydrocarbons from each Exploitation Area in which it participates similar to the grades, gravities and qualities of Hydrocarbons received by each other Party from that Exploitation Area in that period. (G) To the extent that distribution of Entitlements on such basis is impracticable due to availability of facilities and minimum cargo sizes, a method of making periodic adjustments; and (H) The option and the right of the other Parties to sell an Entitlement which a Party fails 10 nominate for acceptance pursuant to (C) above or of which a Party fails to take delivery, in acc...
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Offtake Agreement for Crude Oil. If Crude Oil is to be produced from a --------------------------------- Field, the Parties shall in good faith, and not less than three (3) months prior to first delivery of Crude Oil, negotiate and conclude the terms of an agreement to cover the offtake of Crude Oil produced under the Contract. This offtake agreement shall, to the extent consistent with the Contract and, in particular, the interest of the Carried Party under the Assignment, make provision for: (A) The Delivery Point, at which title and risk of loss of Participating Interest shares of Crude Oil shall pass to the Parties with rights to such Crude Oil (or as the Parties may otherwise agree); (B) Operator's regular periodic advice to the Parties of estimates of total available Crude Oil produced for succeeding periods, quantities of each grade of Crude Oil and each Party's share for as far ahead as is necessary for Operator and the Parties to plan offtake arrangements. Such advice shall also cover for each grade of Crude Oil total available Crude Oil produced and deliveries for the preceding period, inventory and overlifts and underlifts; (C) Nomination by the Parties to Operator of acceptance of their shares of total available production for the succeeding period. Such nominations shall in any one period be for each Party's entire share of available production during that period subject to operational tolerances and agreed minimum economic cargo sizes or as the Parties may otherwise agree;
Sample 1
Offtake Agreement for Crude Oil. The Parties shall in good faith, and not less than three (3) months prior to first delivery of Crude Oil from the Production Area, negotiate and conclude the terms of an agreement to cover the offtake of the Contractor's allocation of Crude Oil under the Petroleum Contract. The terms of the offtake agreement will be consistent with the provisions of the Petroleum Contract, and shall make provision for:
Sample 1
Offtake Agreement for Crude Oil. If Crude Oil is to be produced from a --------------------------------- Field, the Parties shall in good faith, and not less than three (3) months prior to first delivery of Crude Oil, negotiate and conclude the terms of an agreement to cover the offtake of Crude Oil produced under the Contract. This offtake agreement shall, to the extent consistent with the Contract and, in particular, the interest of the Carried Party under the Assignment, make provision for: (A) The Delivery Point, at which title and risk of loss of Participating Interest shares of Crude Oil shall pass to the Parties with rights to such Crude Oil (or as the Parties may otherwise agree);
Sample 1

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