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. shall have (i) confirmed in writing its agreement that the time period during which the "Contractor" under the License is required to complete the "Minimum Work Program" thereunder has been extended by the two-year extension provided for in the first sentence of Section 3.4 of the License and (ii) consented to the assignment by Maple Peru of the License to the Limitada on terms acceptable to the Management Committee, which terms shall include, at a minimum, the agreement of PeruPetro S.A. to amend the License in all material respects as set forth in Exhibit 4.4(k), together with such conforming changes as may be necessary to allow for the "association" relationship to be created between Maple Peru and the Limitada and such other changes as may be requested by the Management Committee (to the extent such requests relate to (A) technical amendments required to conform the "Minimum Work Program" under the License to the intended scope of the Project or (B) amendments that the Management Committee reasonably requires to facilitate the TCW Financing or any other Project Financing Transaction;
(i) all information submitted to the United States Overseas Private Investment Corporation ("OPIC") in connection with the Project shall have been true, correct and complete in all material respects as of the date submitted and on and as of the Closing Date, (ii) the Company shall have made no waiver of diplomatic espousal, and (iii) OPIC shall have delivered to the Company a firm commitment to issue a contract of insurance against expropriation, political violence and inconvertibility risks relating to the Project, the terms of which contract of insurance shall be reasonably acceptable to the Management Committee;
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. (PERUPETRO), Syntroleum Peru Holdings Limited, Sucursal del Peru and BPZ Energy, Inc., Sucursal Peru, entered into a License Contract for the Exploration and Exploitation of Hydrocarbons in Block Z-1, hereinafter called the Contract, the same that according to law was approved by Supreme Decree 052-2001-EM, converted into a Public Deed on November 30, 2001 by the Notary Public of Lima, Xx. Xxxxxxx Xxxxxxx Moran and recorded at Entry A00001 of the Electronic Card No 11355079 of the Hydrocarbon Public Registry.
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. It is agreed that when any of the Parties, on their own criteria, consider that their personnel or the personnel of their subcontractors are not capable of working inside the Contract Area with adequate security and physical safety, the admission of this cause as Fortuitous Event or Force Majeur should not be challenged by the other Party, if and when compliance has been achieved with the stipulations of Articles 1314 and 1315 of the Civil Code.
