Common use of Petroleum Costs and Remuneration Clause in Contracts

Petroleum Costs and Remuneration. (a) No Petroleum Costs or Remuneration shall be payable untilthe Eligibility Date, which shall be the date upon which both of the following have occurred: (i)the obligations referenced in Article 6 and described in Annex E have been completed; and (ii) the First Commercial Production Date. (b) Petroleum Costs and Remuneration due to Contractor shall be paid without interest in Export Oil at the Delivery Point,in accordance with an invoice prepared pursuant to Clause 9 of the Accounting Procedures (Annex C). Such invoice shall be submitted by Contractor to ROC, reviewed and approved by ROCin accordance with Annex H. For payment of Petroleum Costs and Remuneration, the Export Oil Price shall be determined in accordance with Article 18 and the payment made pursuant to Addendum Three. (c) Petroleum Costs and Remuneration shall become due and payable upon invoicing starting with the Quarter following the Quarter in which the Eligibility Date occurs in accordance with an invoice prepared pursuant to Clause 9 of Annex C. Such invoice shall be submitted by Contractor to ROC, reviewed and approved by ROC in accordance with Annex H.

Petroleum Costs and Remuneration. (a) No Petroleum Costs or Remuneration shall be payable untilthe Eligibility Date, Date which shall be the date upon which both of the following have occurred: (i)the obligations referenced in Article 6 and described in Annex E have been completed; and (ii) the First Commercial Production Date. (b) Petroleum Costs and Remuneration due to Contractor shall be paid without interest in Export Oil at the Delivery Point,in accordance with an invoice prepared pursuant to Clause 9 of the Accounting Procedures (Annex C). Such invoice shall be submitted by Contractor to ROC, reviewed and approved by ROCin accordance with Annex H. Xxxxx X. For payment of Petroleum Costs and Remuneration, the Export Oil Price shall be determined in accordance with Article 18 and the payment made pursuant to Addendum Three. (c) Petroleum Costs and Remuneration shall become due and payable upon invoicing starting with the Quarter following the Quarter in which the Eligibility Date occurs in accordance with an invoice prepared pursuant to Clause 9 of Annex C. Such invoice shall be submitted by Contractor to ROC, reviewed and approved by ROC in accordance with Annex H.Xxxxx X.

Petroleum Costs and Remuneration. (a) No Petroleum Costs or Remuneration shall be payable untilthe Eligibility Date, Date which shall be the date upon which both of the following have occurred: (i)the obligations referenced in Article 6 and described in Annex E have been completed; and (ii) the First Commercial Production Date. (b) Petroleum Costs and Remuneration due to Contractor shall be paid without interest in Export Oil at the Delivery Point,in accordance with an invoice prepared pursuant to Clause 9 of the Accounting Procedures (Annex C). Such invoice shall be submitted by Contractor to ROC, reviewed and approved by ROCin accordance with Annex H. For payment of Petroleum Costs and Remuneration, the Export Oil Price shall be determined in accordance with Article 18 and the payment made pursuant to Addendum Three. (c) Petroleum Costs and Remuneration shall become due and payable upon invoicing starting with the Quarter following the Quarter in which the Eligibility Date occurs in accordance with an invoice prepared pursuant to Clause 9 of Annex C. Such invoice shall be submitted by Contractor to ROC, reviewed and approved by ROC in accordance with Annex H.