OJSC. NAZYMGEODOBYCHA" shall be entitled to terminate the Agreement at any time sending a written notification to the Authorities ninety (90) days prior to the desirable termination date. Such termination shall not exempt OJSC "NAZYMGEODOBYCHA" from fulfilling the outstanding obligations under the Agreement. The above obligations shall be met as required by the Agreement before delivering a termination notification.
OJSC. NAZYMGEODOBYCHA" shall develop the Licensed Area according to project specifications duly approved by the RCRD (CCD).
OJSC. NAZYMGEODOBYCHA" shall bear full responsibility for the preparation and efficient implementation of the annual Program and Budget.
OJSC. NAZYMGEODOBYCHA" shall perform all operations in a safe and proper way according to applicable rules and requirements, and take every effort to avoid adverse impact on environment including inter alia air, water, flora and fauna, other natural resources and property. In case of failures, accidents or other emergencies OJSC "NAZYMGEODOBYCHA" shall take all reasonable steps to cope with an emergency, protect human lives and property, prevent and indemnify damage to natural resources, environment and people's health and its consequences.
OJSC. NAZYMGEODOBYCHA" shall present to the Authorities an annual license progress report not later than March 1 each year, in the format and manner specified in Resolution "On Reporting on the Compliance with Subsurface Use Regulations" No. 142-171 adopted by the Committee for Geology and Subsurface Use and the Administration of the Xxxxxx-Xxxxx Autonomous Area on July 15-20, 1994.
OJSC. NAZYMGEODOBYCHA" shall measure the volumes and quantity of extracted Hydrocarbons by methods and instruments meeting applicable standards.
OJSC. NAZYMGEODOBYCHA" shall provide for precise measuring of each producing well's production rate and each injection well's injectivity at least once a week, with a compulsory registration of the obtained data. The frequency of such recording may be further adjusted subject to actual productivity.
OJSC. NAZYMGEODOBYCHA" shall not be liable for any damage caused by the Authorities or third parties during the term hereof.
OJSC. NAZYMGEODOBYCHA" shall secure the Authorities from any claims, suits, actions or proceeding brought against the AUTHORITIES by OJSC "NAZYMGEODOBYCHA" employees or their dependants for an injury, professional disease, death or damage to personal property occurred in connection with or arising from implementation of the Agreement or a failure to implement thereof or a negligence or an omission of OJSC "NAZYMGEODOBYCHA".
OJSC. KMNGG undertakes to perform all operations in a safe and proper way according to applicable rules and requirements, and produce, to the extent practicable, minimal adverse impact on environment, including inter alia air, bodies of water, flora and fauna, other natural resources and property. In case of failures, accidents or other emergencies OJSC KMNGG shall take all possible steps to cope with the emergency, protect human lives and property, prevent and indemnify damage and its consequences to natural resources, environment and people's health.
