PERUPETRO S Sample Clauses

PERUPETRO S. A., on behalf of the Republic of Peru, entered into the License Contract for Hydrocarbon Exploration and Exploitation on Xxxxx X-0 xxxxxxxx Xxxx dated as of November 30, 2001 (the License) with the predecessors in interest of BPZ Exploracion & Produccion S.R.L. (BPZ E&P);

PERUPETRO S. A., within sixty (60) Days following receipt of the "Initial Development Plan," must provide commentaries to this document and may object to the Start up-Date of Commercial Extraction,if found not to be adequate, in which case the Technical Conciliation Committee will be convened.

PERUPETRO S. A. has the right to inspect and test, at any time, the equipment and measurement instruments used to measure volume and to determine the quality of the fiscalized Hydrocarbons. The equipment and measurement instrumentation must be periodically calibrated in accordance with the applicable norms, with PERUPETRO representatives allowed to be present during these operations.

PERUPETRO S. A. is authorized to inspect the imported goods, whether in a permanent or temporary manner, under this Clause, particularly those for Exploration activities during the Exploitation Phase, in order to verify that such goods have been imported exclusively for these Operations.

PERUPETRO S. A. is entitled to publish or otherwise disclose the geological, scientific, and technical data and reports related to the areas relinquished by the Contractor. For operating areas, the right referred to in the preceding paragraph shall be exercised at the end of the second year counted as from the date of receipt of the information, or earlier if so agreed upon by the Parties.

PERUPETRO S has the right to verify the volume of Hydrocarbons spilled and to analyze the cause of such spill.

PERUPETRO S. A. will make all necessary efforts to obtain assistance and cooperation of the appropriate governmental authorities with the objective of having their support in taking the necessary actions to ensure safe implementation and continuous operations to comply with the activities under the License Contract.

PERUPETRO S. A. authorizes the Contractor to carry out Operations with the purpose of finding and producing Hydrocarbons in the Area under Contract, as established by Law 26221, the corresponding regulations and the License Contract.

PERUPETRO S. A. and the Company (BPZ) will meet every three months for the purpose of receiving from the Company a progress report on the results of the Work Program. On the occasion of making its presentation of the Final Report, referred to in Article 4.2 of the Agreement, the Company should deliver to PERUPETRO S.A. all the technical information and supporting data obtained, using the formats that have been designed for this purpose as part of the "Policy for the Transfer of Technical Data to the Data Bank of Perupetro." The Final Report and the data delivered to PERUPETRO S.A. will become its property and will increase the knowledge base of the Data Bank.

PERUPETRO S. A. Atn.: General Manager Xx. Xxxx Xxxxxx No. 320 Lima 41, PERU Fax: 475-772 and 000-0000 CONTRACTOR BPZ Energy, Inc., Sucursal Peru Atn.: General Manager Canaval y Xxxxxxx 425, Ofc. 281 Xxxx 00, XXXX Fax: 000-0000 CORPORATE GUARANTOR BPZ & ASSOCIATES, INC. Attn.: President 00000 Xxxx Xxxxxxx, Xxxxx 000 Xxxxxxx, XX 00000 Xxxxxx Xxxxxx Fax: 000-000-0000