OIL RESOURCES Sample Clauses

The OIL RESOURCES clause defines the rights and responsibilities of the parties regarding the ownership, extraction, and management of oil resources within the scope of the agreement. It typically outlines which party has access to oil reserves, how extraction operations are to be conducted, and the allocation of profits or royalties derived from oil production. This clause ensures clarity over resource control and revenue sharing, helping to prevent disputes and allocate risk related to oil resource exploitation.
OIL RESOURCES. ▇. ▇▇▇▇▇▇▇ Principles for the management and development of the petroleum sector 3.1 The Parties agree that the basis for an agreed and definitive framework for the management of the development of the petroleum sector during the Interim Period shall include the following: 3.1.1 Sustainable utilization of oil as a non-renewable natural resource consistent with: a) the national interest and the public good; b) the interest of the affected states/regions; c) the interests of the local population in affected areas; d) national environmental policies, biodiversity conservation guidelines, and cultural heritage protection principles.
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OIL RESOURCES. ▇. ▇▇▇▇▇▇▇ Principles for the management and development of the petroleum sector 3.1 The Parties agree that the basis for an agreed and definitive framework for the management of the development of the petroleum sector during the Interim Period shall include the following: 3.1.1 Sustainable utilization of oil as a non-renewable natural resource consistent with: a) the national interest and the public good; b) the interest of the affected states/regions; c) the interests of the local population in affected areas; d) national environmental policies, biodiversity conservation guidelines, and cultural heritage protection principles. 3.1.2 Empowerment of the appropriate levels of government to develop and manage, in consultation with the relevant communities, the various stages of oil production within the overall framework for the management of petroleum development during the Interim Period. 3.1.3 Give due attention to enabling policy environment for the flow of foreign direct investment by reducing risks associated with uncertainties regarding the outcome of the referendum on self-determination at the end of the Interim Period. 3.1.4 A stable macroeconomic environment that emphasizes stability of the petroleum sector. 3.1.5 Persons enjoying rights in land shall be consulted and their views shall duly be taken into account in respect of decisions to develop subterranean natural resources from the area in which they have rights, and shall share in the benefits of that development. 3.1.6 Persons enjoying rights in land are entitled to compensation on just terms arising from acquisition or development of land for the extraction of subterranean natural resources from the area in respect of which they have rights. 3.1.7 The communities in whose areas development of subterranean natural resources occurs have the right to participate, through their respective states/regions, in the negotiation of contracts for the development of those resources. 3.1.8 Regardless of the contention over the ownership of land and associated natural resources, the Parties agree on a framework for the regulation and management of petroleum development in Sudan during the Interim Period. B. National Petroleum Commission (NPC) 3.2 The Parties agree that an independent National Petroleum Commission (NPC) shall be established during the Pre-Interim Period and its decisions shall be by consensus. 3.3 Taking into account the provisions elsewhere in this Agreement, the NPC shall be constituted ...
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OIL RESOURCES. ▇▇▇▇▇▇▇ Principles for the management and development of the petroleum sector
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Related to OIL RESOURCES

  • Cultural Resources If a cultural resource is discovered, the Purchaser shall immediately suspend all operations in the vicinity of the cultural resource and notify the Forest Officer. Operations may only resume if authorized by the Forest Officer. Cultural resources identified and protected elsewhere in this contract are exempted from this clause. Cultural resources, once discovered or identified, are not to be disturbed by the Purchaser, or his, her or its employees and/or sub- contractors.

  • Financial Resources The Adviser has the financial resources available to it necessary for the performance of its services and obligations contemplated in the Pricing Disclosure Package, the Prospectus, and under this Agreement, the Investment Management Agreement and the Administration Agreement.

  • Additional Resources The WLSC may establish workgroups that include other department representatives and/or subject matter experts. These subcommittees shall conform with rules established by the WLSC.

  • Capital Resources Parent has sufficient cash to pay the aggregate Merger Consideration.

  • PROJECT FINANCIAL RESOURCES i) Local In-kind Contributions $0 ii) Local Public Revenues $200,000 iii) Local Private Revenues iv) Other Public Revenues: $0 - ODOT/FHWA $0 - OEPA $0 - OWDA $0 - CDBG $0 - Other $0 v) OPWC Funds: - Loan Assistance $0