Common use of Petroleum Costs and Remuneration Clause in Contracts

Petroleum Costs and Remuneration. (a) Petroleum Costs and Remuneration due to Contractor shall be paid without interest, in Export Oil at the Delivery Point unless the Contractor elects, by April 1st each Year, to receive payment in cash in Dollars for the following Year. For payment in cash, payment shall be made within sixty (60) days of the submission of an invoice pursuant to Clause 9 of the Accounting Procedures. For payment in Export Oil, the Export Oil Price shall be in accordance with Article 18 and liftings shall be scheduled in accordance with an agreement reached pursuant to Addendum Four. Any election shall remain in effect for the Calendar Year for which the election was made. (b) Petroleum Costs, Supplementary Costs and Remuneration shall be deemed to cover all costs, expenses, liabilities and remuneration to Contractor under this Contract. ROC shall not be obliged to pay any other compensation whatsoever to Contractor for the fulfillment of its obligations under this Contract. (c) Petroleum Costs and Remuneration shall become due and payable upon invoicing starting with the Quarter in which the First Commercial Production occurs and shall be paid to the extent of fifty percent (50%) of the Deemed Revenue in accordance with the provisions of this Contract. Payment of due and payable Petroleum Costs shall have priority over the payment of due and payable Remuneration. (d) Any due and payable Petroleum Costs and Remuneration that remain unpaid in respect of any Quarter shall be carried forward and paid in succeeding Quarter(s) until fully paid.

Petroleum Costs and Remuneration. (a) Petroleum Costs and Remuneration due to Contractor shall be paid without interestinterest in cash (in Dollars), unless ROC elects to pay in Export Oil at the Delivery Point unless Oil. Any election by ROC shall be advised to the Contractor elects, by April 1st on or before January 31st of each Calendar Year, to receive payment in cash in Dollars for the following Year. For Contractor shall advise ROC by April 1st of each Year of its expected payment in cash, payment amounts for the following Year. Cash payments shall be made within sixty (60) days of the submission of an invoice pursuant to Clause 9 of the Accounting Procedures. For payment in Export Oil, the Export Oil Price shall be in accordance with Article 18 and liftings shall be scheduled in accordance with an agreement reached pursuant to Addendum Four. Any election shall remain in effect for the Calendar Year for which the election was made. (b) Petroleum Costs, Supplementary Costs and Remuneration shall be deemed to cover all costs, expenses, liabilities and remuneration to Contractor under this Contract. ROC shall not be obliged to pay any other compensation whatsoever to Contractor for the fulfillment of its obligations under this Contract. (c) Petroleum Costs and Remuneration shall become due and payable upon invoicing in accordance with Clause 9 of Annex C. Invoices shall be submitted starting with the Quarter following the Quarter in which the First Commercial Production occurs is achieved and shall be paid to the extent of fifty percent (50%) of the Deemed Revenue in accordance with the provisions of this Contract. Payment of due and payable Petroleum Costs shall have priority over the payment of due and payable Remuneration. (d) Any due and payable Petroleum Costs and Remuneration that remain unpaid in respect of any Quarter shall be carried forward and paid in succeeding Quarter(s) until fully paid.

Petroleum Costs and Remuneration. (a) Petroleum Costs and Remuneration due to Contractor shall be paid without interest, in Export Oil at the Delivery Point unless the Contractor elects, by April 1st each Year, to receive payment in cash in Dollars for the following Year. For payment in cash, payment shall be made within sixty (60) days of the submission of an invoice pursuant to Clause 9 of the Accounting Procedures. For payment in Export Oil, the Export Oil Price shall be in accordance with Article 18 and liftings shall be scheduled in accordance with an agreement reached pursuant to Addendum Four. Any election shall remain in effect for the Calendar Year for which the election was made. (b) Petroleum Costs, Supplementary Costs and Remuneration shall be deemed to cover all costs, expenses, liabilities and remuneration to Contractor under this Contract. ROC NOC shall not be obliged to pay any other compensation whatsoever to Contractor for the fulfillment of its obligations under this Contract. (c) Petroleum Costs and Remuneration shall become due and payable upon invoicing starting with the Quarter in which the First Commercial Production occurs and shall be paid to the extent of fifty percent (50%) of the Deemed Revenue in accordance with the provisions of this Contract. Payment of due and payable Petroleum Costs shall have priority over the payment of due and payable Remuneration. (d) Any due and payable Petroleum Costs and Remuneration that remain unpaid in respect of any Quarter shall be carried forward and paid in succeeding Quarter(s) until fully paid.

Petroleum Costs and Remuneration. (a) Petroleum Costs and Remuneration due to Contractor shall be paid without interest, interest in Export Oil at the Delivery Point unless the Contractor electsPoint, by April 1st each Yearor, to receive payment at ROC’s election, in cash in Dollars for the following Year. For payment in cash, payment shall be made within sixty (60) days of the submission of accordance with an invoice prepared pursuant to Clause 9 of the Accounting ProceduresGuidelines (Annex C). Such invoice shall be submitted by Contractor to ROC, reviewed and approved by ROC in accordance with Annex H. For payment of Petroleum Costs and Remuneration in Export Oil, the Export Oil Price shall be determined in accordance with Article 18 and liftings shall be scheduled in accordance with an agreement reached the payment made pursuant to Addendum Four. Any election ROC shall remain in effect for the Calendar notify Contractor no later than July of any Year for which any cash payments to be made in the election was madefollowing Year. (b) Petroleum Costs, Supplementary Costs and Remuneration shall be deemed to cover all costs, expenses, liabilities interest and remuneration to Contractor under this Contract. ROC shall not be obliged to pay any other compensation whatsoever to Contractor for the fulfillment of its obligations under this Contract. (c) Petroleum Costs and Remuneration shall become due and payable upon invoicing in accordance with Article 19.5(a). Invoices shall be submitted starting with the Quarter following the Quarter in which the First Commercial Production occurs Date occurs. Due and payable Petroleum Costs shall be paid to the extent of fifty percent (50%) of the Deemed Revenue in accordance with the provisions of this ContractRevenue. Payment of due Due and payable Petroleum Costs Remuneration shall have priority over be paid to the payment extent of due and payable Remunerationthirty percent (30%) of Remaining Revenue. (d) Any due and payable Petroleum Costs and Remuneration that remain unpaid in respect of any Quarter shall be carried forward and paid in succeeding Quarter(s) until fully paid.