Common use of Operating Account and Records Clause in Contracts

Operating Account and Records. (a) Contractor and Operator shall open and maintain all accounts and records necessary to document in detail and in separate accounts the transactions relating to Petroleum Operations, in accordance with accepted and recognized accounting principles consistent with modern international petroleum industry practices, all in accordance with and subject to the provisions of the Contract. The accounts and records should show, among other things, the following: (i) Costs of assets including the cost of: 1. drilling and detailed cost of each well; 2. production facilities such as flow lines and degassing stations in sufficient detail; 3. Transportation Facilities; 4. tank-farms and pumping stations; and 5. infrastructure, facilities and industrial centers. (ii) Costs of Materials including the cost and quantity of each item. The method of pricing should be stated. (iii) Operating costs analyzed by main items such as details of salaries, Materials and services as defined or described in these Accounting Procedures. (b) Contractor's and Operator’s books shall be kept in the Republic of Iraq in the English and Arabic languages. All transactions shall be recorded in Dollars in accordance with the provisions of Article 20 of the Contract. (c) Accounts shall be kept according to the accounting system approved by the JMC pursuant to Article 9.14(d) of the Contract. (d) Contractor and Operator shall maintain appropriate cost control records to meet the requirements and obligations under the Contract. (e) Petroleum production, storage and transfer records shall be maintained according to the Contract and consistent with modern international petroleum industry practices. (f) Expenditures shall be charged in Dollars as follows: (i) all Dollar expenditures shall be charged in the amount incurred; (ii) all Dinar expenditures shall be translated into Dollars at the exchange rate prevailing on the date of the relevant expenditure in accordance with the regulations of the Central Bank of Iraq; (iii) expenditures in currencies other than Dollars or Dinars, shall be charged in the equivalent amount in Dollars using the actual exchange rate applied by a first class international bank on the date of payment; (iv) a record shall be kept of the exchange rates actually used in converting Dinars and other non-Dollar expenditures into Dollars; and (v) on the date of each balance sheet, monetary items in currencies other than Dollars shall be translated to Dollars at the rate of exchange applicable on such balance sheet date.

Operating Account and Records. (a) Contractor and Operator shall open and maintain all accounts and records necessary to document in reasonable detail and in separate accounts the transactions relating to Petroleum Operations, in accordance with generally accepted and recognized accounting principles consistent with modern international petroleum industry practices, all in accordance with and subject to the provisions of the Contract. The accounts and records should show, among other things, the following: (i) Costs of assets including the cost of: 1. drilling in general and detailed cost of each well; 2. production facilities such as flow lines and degassing stations in sufficient detail; 3. Transportation Facilities; 4. tank-farms and pumping stations; and 5. infrastructure, facilities and industrial centers. (ii) Costs of Materials including the cost and quantity of each item. The method of pricing should be stated. (iii) Operating costs analyzed by main items such as details of salaries, Materials and services as defined or described in these Accounting Procedures. (b) Contractor's and Operator’s books shall be kept in the Republic of Iraq in the English and language with an Arabic languagessummary. All transactions shall be recorded in Dollars in accordance with the provisions of Article 20 of the Contract. (c) Accounts shall be kept according to the accounting system approved by the JMC or BOD pursuant to Article 9.14(d9.21(d) of the Contract. (d) Contractor and Operator shall maintain appropriate cost control records to meet the requirements and obligations under the Contract. (e) Petroleum production, storage and transfer records shall be maintained according to the Contract and consistent with modern international petroleum industry practices. (f) Expenditures shall be charged in Dollars as follows: (i) all Dollar expenditures shall be charged in the amount incurred; (ii) all Dinar expenditures shall be translated into Dollars at the exchange rate prevailing on the date of the relevant expenditure in accordance with the regulations of the Central Bank of Iraq; (iii) expenditures in currencies other than Dollars or Dinars, shall be charged in the equivalent amount in Dollars using the actual exchange rate applied by a first class international bank on the date of payment; (iv) a record shall be kept of the exchange rates actually used in converting Dinars and other non-Dollar expenditures into Dollars; and (v) on the date of each balance sheet, monetary items in currencies other than Dollars shall be translated to Dollars at the rate of exchange applicable on such balance sheet date.

Operating Account and Records. (a) Contractor and Operator shall open and maintain all accounts and records necessary to document in reasonable detail and in separate accounts the transactions relating to Petroleum Operations, in accordance with generally accepted and recognized accounting principles consistent with modern international petroleum industry practicesprinciples, all in accordance with and subject to the provisions of the this Contract. . (a) The accounts and records should show, among other things, the following: (i) Costs of assets including the cost ofincluding: 1. drilling in general and detailed cost of each well; 2. production facilities such as flow lines and degassing stations in sufficient detaildetails; 3. Crude Oil and Associated Gas Transportation Facilities; 4. tank-farms and pumping stations; and 5. infrastructure, infrastructure facilities and industrial centerscentres. (ii) Costs Cost of Materials including showing in detail the cost and quantity of each item. The method of pricing should be stated. (iii) Operating costs analyzed Costs analysed by main items such as details of salaries, Materials and services as defined or described in these this Accounting ProceduresProcedure. (b) Contractor's ’s and Operator’s 's books shall be kept in the Republic of Iraq in the English and language (with Arabic languageslanguage summary). All transactions shall be recorded in Dollars Dollars, in accordance with the provisions of Article 20 of the this Contract. (c) Accounts shall be kept according to the accounting system approved by the JMC pursuant to Article 9.14(d9.22(d) of the this Contract. (d) Contractor and Operator shall maintain appropriate cost control records to meet the requirements and obligations under the this Contract. (e) Petroleum production, storage and transfer records shall be maintained according to the this Contract and consistent with modern international petroleum industry practicesBest International Petroleum Industry Practices. (f) Expenditures shall be charged in Dollars as follows: (i) all Dollar expenditures Expenditures shall be charged in the amount incurred; (ii) for accounting purposes, all Dinar expenditures Expenditures shall be translated into Dollars at the exchange rate prevailing on the date of the relevant expenditure Expenditure in accordance with the regulations of the Central Bank of Iraq; (iii) expenditures Expenditures in currencies other than Dollars or Dinars, shall be charged in the equivalent amount in Dollars Dollars, using the actual exchange rate applied by a the relevant first class international bank on the date of payment; (iv) a record shall be kept of the exchange rates actually used in converting Dinars and other non-Dollar expenditures Expenditures into Dollars; and (v) on the date of each balance sheet, monetary items in currencies other than Dollars shall be translated to Dollars at the rate of exchange applicable on such balance sheet date.

Operating Account and Records. (a) Contractor and Operator shall open and maintain all accounts and records necessary to document in reasonable detail and in separate accounts the transactions relating to Petroleum Operations, in accordance with generally accepted and recognized accounting principles consistent with modern international petroleum industry practices, all in accordance with and subject to the provisions of the Contract. The accounts and records should show, among other things, the following: (i) Costs of assets including the cost of: 1. drilling in general and detailed cost of each well; 2. production facilities such as flow lines and degassing stations in sufficient detail; 3. Transportation Facilities; 4. tank-farms and pumping stations; and 5. infrastructure, facilities and industrial centerscentres. (ii) Costs of Materials including the cost and quantity of each item. The method of pricing should be stated. (iii) Operating costs analyzed by main items such as details of salaries, Materials and services as defined or described in these the Accounting ProceduresGuidelines. (b) Contractor's and Operator’s books shall be kept in the Republic of Iraq in the English and Arabic languages. All transactions shall be recorded in Dollars in accordance with the provisions of Article 20 of the Contract. (c) Accounts shall be kept according to the accounting system Accounting Procedures approved by the JMC or BOD pursuant to Article 9.14(d) 9.23 of the Contract. (d) Contractor and Operator shall maintain appropriate cost control records to meet the requirements and obligations under the Contract. (e) Petroleum production, storage and transfer records shall be maintained according to the Contract and consistent with modern international petroleum industry practices. (f) Expenditures shall be charged in Dollars as follows: (i) all Dollar expenditures shall be charged in the amount incurred; (ii) all Dinar expenditures shall be translated into Dollars at the exchange rate prevailing on the date of the relevant expenditure in accordance with the regulations of the Central Bank of Iraq; (iii) expenditures in currencies other than Dollars or Dinars, shall be charged in the equivalent amount in Dollars using the actual exchange rate applied by a first class international bank on the date of payment; (iv) a record shall be kept of the exchange rates actually used in converting Dinars and other non-Dollar expenditures into Dollars; and (v) on the date of each balance sheet, monetary items in currencies other than Dollars shall be translated to Dollars at the rate of exchange applicable on such balance sheet date.

Operating Account and Records. (a) Contractor and Operator shall open and maintain all accounts and records necessary to document in reasonable detail and in separate accounts the transactions relating to Petroleum Operations, in accordance with generally accepted and recognized recognised accounting principles consistent with modern international petroleum industry practicesBest International Petroleum Industry Practices, all in accordance with and subject to the provisions of the this Contract. . (a) The accounts and records should show, among other things, the following: (i) Costs of assets including the cost ofincluding: 1. drilling in general and detailed cost of each well; 2. production facilities such as flow lines and degassing stations in sufficient detaildetails; 3. Crude Oil and Associated Gas Transportation Facilities; 4. tank-farms and pumping stations; and 5. infrastructure, infrastructure facilities and industrial centerscentres. (ii) Costs Cost of Materials including showing in detail the cost and quantity of each item. The method of pricing should be stated. (iii) Operating costs analyzed Costs analysed by main items such as details of salaries, Materials and services as defined or described in these this Accounting ProceduresProcedure. (b) Contractor's ’s and Operator’s 's books shall be kept in the Republic of Iraq in the English and language (with Arabic languageslanguage summary). All transactions shall be recorded in Dollars Dollars, in accordance with the provisions of Article 20 of the this Contract. (c) Accounts shall be kept according to the accounting system approved by the JMC pursuant to Article 9.14(d9.21(d) of the this Contract. (d) Contractor and Operator shall maintain appropriate cost control records to meet the requirements and obligations under the this Contract. (e) Petroleum production, storage and transfer records shall be maintained according to the this Contract and consistent with modern international petroleum industry practicesBest International Petroleum Industry Practices. (f) Expenditures shall be charged in Dollars as follows: (i) all Dollar expenditures shall be charged in the amount incurred; (ii) for accounting purposes, all Dinar expenditures shall be translated into Dollars at the exchange rate prevailing on the date of the relevant expenditure in accordance with the regulations of the Central Bank of Iraq; (iii) expenditures in currencies other than Dollars or Dinars, shall be charged in the equivalent amount in Dollars Dollars, using the actual exchange rate applied by a the relevant first class international bank on the date of payment; (iv) a record shall be kept of the exchange rates actually used in converting Dinars and other non-Dollar expenditures into Dollars; and (v) on the date of each balance sheet, monetary items in currencies other than Dollars shall be translated to Dollars at the rate of exchange applicable on such balance sheet date.

Operating Account and Records. (a) Contractor and Operator shall open and maintain all accounts and records necessary to document in reasonable detail and in separate accounts the transactions relating to Petroleum Operations, in accordance with generally accepted and recognized accounting principles consistent with modern international petroleum industry practicesprinciples, all in accordance with and subject to the provisions of the this Contract. . (a) The accounts and records should shall show, among other things, the following: (i) Costs of assets including the cost ofincluding: 1. drilling in general and detailed cost of each well; 2. production facilities such as flow lines and degassing stations in sufficient detaildetails; 3. Crude Oil and Associated Gas Transportation Facilities; 4. tank-farms and pumping stations; and 5. infrastructure, infrastructure facilities and industrial centerscentres. (ii) Costs Cost of Materials including showing in detail the cost and quantity of each item. The method of pricing should be stated. (iii) Operating costs analyzed Costs analysed by main items such as details of salaries, Materials and services as defined or described in these this Accounting ProceduresProcedure. (b) Contractor's ’s and Operator’s 's books shall be kept in the Republic of Iraq in the English and language (with Arabic languageslanguage summary). All transactions shall be recorded in Dollars Dollars, in accordance with the provisions of Article 20 of the this Contract. (c) Accounts shall be kept according to the accounting system approved by the JMC pursuant to Article 9.14(d9.22(d) of the this Contract. (d) Contractor and Operator shall maintain appropriate cost control records to meet the requirements and obligations under the this Contract. (e) Petroleum production, storage and transfer records shall be maintained according to the this Contract and consistent with modern international petroleum industry practicesBest International Petroleum Industry Practices. (f) Expenditures shall be charged in Dollars as follows: (i) all Dollar expenditures Expenditures shall be charged in the amount incurred; (ii) for accounting purposes, all Dinar expenditures Expenditures shall be translated into Dollars at the exchange rate prevailing on the date of the relevant expenditure Expenditure in accordance with the regulations of the Central Bank of Iraq; (iii) expenditures Expenditures in currencies other than Dollars or Dinars, shall be charged in the equivalent amount in Dollars Dollars, using the actual exchange rate applied by a the relevant first class international bank on the date of payment; (iv) a record shall be kept of the exchange rates actually used in converting Dinars and other non-Dollar expenditures Expenditures into Dollars; and (v) on the date of each balance sheet, monetary items in currencies other than Dollars shall be translated to Dollars at the rate of exchange applicable on such balance sheet date.