Petrodelta, S Sample Clauses

Petrodelta, S. A. may carry out the abovementioned primary activities during twenty (20) year from the date of publication of this Decree in the Official Gazette of the Republic. Capacity as operator and exclusion of contracts dealing with primary activities
Sample 1
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Petrodelta, S. A., shall be the operator in the Designated Areas and may, in accordance with the provisions of Article 25 of the Ley Orgánica de Hidrocarburos, contract the specific petroleum services that may be necessary to assist it with the performance of its activities, such as, for example, seismic, drilling and maintenance services, it being understood that Petrodelta, S.A., may not enter into any contract or set of contracts by which it transfers, either directly or indirectly, its function as operator. Payment of the royalty and taxes
Sample 1
Petrodelta, S. A., shall pay the Republic the royalty based on the hydrocarbons volumes extracted from any reservoir and the taxes established in the law. The royalty may be demanded by the National Executive either in kind or in cash, in the modalities provided for in Articles 46 and 47 of the Ley Orgánica de Hidrocarburos.
Sample 1
Petrodelta, S. A., shall deliver to the Republic as “ventajas especiales”: (a) a participation, in the form of an additional royalty of three point thirty three percent (3.33%) of the volumes of hydrocarbons produced from the Designated Areas and delivered to PDVSA Petróleo, S.A. (or to any other of the companies referred to in Article 27 of the Ley Orgánica de Hidrocarburos that PDVSA Petróleo, S.A. may designate), which shall be distributed as follows: directly for the municipalities conforming the Designated Areas, two point twenty two percent (2.22%), which shall replace the payments that will no longer be received by such municipalities on account of municipal taxes, due to the termination of the Operating Agreement, and one point eleven percent (1.11%) to create a fund to finance endogenous development projects according to the guidelines of the National Development Plan in the respective region; and (b) an amount equal to the difference, if any, between (i) fifty percent (50%) of the value of hydrocarbons produced in the Designated Areas and delivered to PDVSA Petróleo, S.A. (or to any other of the companies referred to in Article 27 of the Ley Orgánica de Hidrocarburos that PDVSA Petróleo, S.A. may designate) during each calendar year (determined in accordance with the prices established for such hydrocarbons in the contract for sale and purchase of hydrocarbons that will be entered into between Petrodelta, S.A., and PDVSA Petróleo, S.A. or its affiliate), and (ii) the sum of all payments made by Petrodelta, S.A., to the Republic, in respect of the activities carried out by the Mixed Company during such calendar year on account of applicable royalties on the hydrocarbons produced (including the additional royalty described in clause (a) above), income taxes, any other tax or levy calculated based on revenues (whether gross or net), and the investments in endogenous development projects of one percent (1%) of its profits before taxes required pursuant to Article Nine below. The amount of the “ventaja especial” described in the preceding clause (b) above shall be equal to zero (0) when the sum of the payments described in clause (b)(ii) is equal to or greater than the amount calculated in accordance with clause (b)(i). For purposes of the calculation indicated in (b)(ii) above, if royalty is taken in kind, then the value of such royalty shall be equal to the amount that would have been payable as royalty if the same had been payable in cash. The “ventaja especial” ...
Sample 1
Petrodelta, S. A., should plan and carry out all the steps necessary to restore the Designated Areas and any other geographical area affected by the activities of Petrodelta, S.A, to the condition it had on the date of this Decree. Similarly, unless otherwise instructed by the Ministry of Energy and Petroleum and the Ministry of the Environment and the Natural Resources, before completion of the period established in this Decree, Petrodelta, S.A., shall remove and dispose of the contaminants resulting from the primary activities, in compliance with the procedures and quality standards required by the el Ministry of the Environment and the Natural Resources and, lacking them, by those generally accepted scientifically and technically and the standards of the oil industry for such activities. Social and Endogenous Development
Sample 1
Petrodelta, S. A., shall prepare and carry out an endogenous development policy based on the principles of cultural and biological diversity preservation, the minimization of adverse environmental impacts and the social responsibility expressed in the National Development Plan. Moreover, based on the abovementioned policy, Petrodelta, S.A., shall prepare and implement a social investment plan aimed at developing improvement programs, which shall be submitted to the National Executive for approval. Petrodelta, S.A. shall, within any calendar year, invest in such programs a sum equal to one per cent (1%) of its profits in the previous calendar year before taxes in accordance with its duly audited financial statements, it being understood that, with regard to the investment corresponding to the first calendar year, such sum shall be calculated based on the profits that Petrodelta, S.A., expects to obtain during such period. Duty to maintain the facilities and reversion
Sample 1
Petrodelta, S. A., shall maintain in good condition the land lots and permanent works, including the facilities, accessories and equipment that are an integral part of them, and any other assets acquired for the performance of such activities, irrespective of their nature or their acquisition title, which shall be delivered to the Republic free of liens and without any indemnity upon extinguishment, for whatsoever reason, of the rights granted in order to guarantee the possibility of continuing with the activities, if this were the case, or their cessation with the less economic and environmental damage possible. No guarantee of exploitable substances or obligation to redress
Sample 1
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Related to Petrodelta, S

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Except to the extent that information contained in any Company SEC Document has been revised, amended, supplemented or superseded by a later-filed Company SEC Document that has been filed prior to the date of this Agreement, as of their respective filing dates, none of the Company SEC Documents contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, which individually or in the aggregate would require an amendment, supplement or correction to such Company SEC Documents. Each of the financial statements (including the related notes) of the Company included in the Company SEC Documents complied at the time it was filed as to form in all material respects with the applicable accounting requirements and the published rules and regulations of the SEC with respect thereto in effect at the time of such filing, had been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) (except, in the case of unaudited statements, as permitted by the rules and regulations of the SEC) applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto) and fairly presented in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). 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