Common use of PETRÓLEO BRASILEIRO S Clause in Contracts

PETRÓLEO BRASILEIRO S. A. – Petrobras, during the effectiveness of this Agreement, shall be the Operator and only person responsible, on behalf of the Consortium, for conducting and developing all activities of Exploration, Assessment, Development, Production, and decommissioning of the facilities under the Agreement.. The Operator is the only member of the Consortium that, on its behalf and within the limits defined by the Operating Committee, may execute agreements, enforce or undertake expenditure commitments, and take other actions related to the development of the activities of Exploration and Production of Oil and Gas in the Contract Area. The Operator shall be responsible for representing the Consortium before regulators, inspecting authorities, and other external entities. The Operator shall represent the Consortium Members judicially and extrajudicially. The Operator of this Agreement shall have at least a thirty percent (30%)-share in the equity rights and obligations of the Consortium in the Contract Area. The Operator shall: act in compliance with this Agreement, the Applicable Laws and Regulations, and determinations of the Operating Committee; conduct the Operations in a diligent, safe, and efficient manner, pursuant to the Best Practices of the Oil Industry, having No Loss or Gain in its capacity of Operator; notify the Operating Committee and ANP of any Discovery inside the Contract Area, according to Section Twelve of the Agreement; conduct the Operations with Exclusive Risks pursuant to Section IV of this Annex; prepare the Work and Budget Programs and other documents to be submitted to examination of the Operating Committee, under the terms of this Agreement; prepare and send to ANP, after definition of the Operating Committee, the plans, programs, and reports required by the regulator; issue the Authorization for Expenditure to develop the activities approved by the Operating Committee in the Annual Work Program and call for contribution to pay the Consortium expenses; render accounts to the Consortium, as established under this Agreement and by the Operating Committee; obtain the relevant legal licenses and permits required to conduct the operations in the Contract Area; provide the non-Operator Consortium Members with access to the facilities and records of the Operations, upon their prior request; undertake responsibility for the payment of the Royalties payable on behalf of the Contractors; represent the non-Operator Consortium Members when contacting ANP; in case of emergency, take the necessary measures to protect life, the environment, the facilities, and the equipment; keep the non-Operator Consortium Members informed of the activities in progress arising from performance of this Agreement; propose to the Operating Committee the matters of the Table of Competences and Resolutions; manage the Exploration and Production projects regarding the Agreement through a methodology based on the market references and with a structure centralized in and coordinated from a project management office, aiming at standardizing the governance processes related to the projects, as well as to planning, organization, conduct, control, documentation, and completion of its activities. Information provided by the Operator The Operator shall provide to the other Consortium Members the following data and reports as they are prepared or compiled during conduct of the Operations: copies of all records or researches, including in electronic format, if any; daily drilling reports; copies of all essential tests and data and of analysis reports; final drilling report; copy of line interconnection reports; final copies of geological and geophysical maps, seismic sections, and objectives; engineering studies, development projects, and progress reports of the development projects; daily bulletin of the Production of Oil and Gas with record of production losses and burnings; field data and also performance reports, including Reservoir studies and reserve estimates; copies of all reports regarding material of Operations in the Contract Area or provided to ANP; copies of the engineering projects of each well, including any reviews; periodic reports with safety, health, and environment indicators regarding the Operations; and other studies and reports established by the Operating Committee. The Operator shall promptly notify the Consortium Members of administrative complaints and lawsuits related to the Operations. The Operator shall provide quarterly reports to the Consortium Members with updated administrative complaints and lawsuits related to the Operations. Additional information arising from execution of the Operations in the Contract Area may be requested, at any time, to the Operator by the Contractors, at their own expenses. The Manager shall receive additional information with no costs. Limitation of the Responsibilities of the Operator The Contractors are jointly liable for any losses and damages caused in the execution of the Operations and to each other, according to their respective shares, except when the Operator, at high managerial level (General Manager of the Operating Unit, Executive Manager, or equivalent, at least), proceeds with evidenced direct or eventual willful misconduct or gross negligence, cases in which it shall bear all losses, damages, costs, expenses and liabilities, and general burdens resulting therefrom on an individual basis.

PETRÓLEO BRASILEIRO S. A. – Petrobras, during the effectiveness of this Agreement, shall be the Operator and only person responsible, on behalf of the Consortium, for conducting and developing all activities of Exploration, Assessment, Development, Production, and decommissioning of the facilities under the Agreement.. Agreement The Operator is the only member of the Consortium that, on its behalf and within the limits defined by the Operating Committee, may execute agreements, enforce or undertake expenditure commitments, and take other actions related to the development of the activities of Exploration and Production of Oil and Gas in the Contract Area. The Operator shall be that responsible for representing the Consortium before regulatorsregulatory authorities, inspecting authorities, and other external entities. The Operator shall represent the Consortium Members judicially and extrajudicially. The Operator of this Agreement shall have at least a thirty percent (30%)-share in the equity property rights and obligations of the Consortium in the Contract Area. The Operator may resign its position, being subject to the conditions required by ANP. The Operator shall: act in compliance with this Agreement, the Applicable Laws and Regulations, and determinations the orders of the Operating Committee; conduct the Operations in a diligent, safe, and efficient manner, pursuant to in compliance with the Best Practices of the Oil Industry, having pursuant to the “No Loss or Gain Gain, No Loss” Principle in its capacity position of Operator; notify the Operating Committee and ANP of any Discovery inside the Contract Area, according to Section Twelve of the Agreement; conduct the Operations with Exclusive Risks pursuant to Section IV of this Annexannex; prepare develop the Budget and Work and Budget Programs and other documents to be submitted to examination of by the Operating Committee, under the terms of this Agreement; prepare develop and send to ANP, after definition of when the Operating CommitteeCommittee is defined, the plans, programs, and reports required by the regulatorregulatory authority; issue the Authorization for Expenditure to develop the activities approved by the Operating Committee in the Annual Work Program and call for fund contribution to pay the Consortium expenses; render accounts to the Consortium, as established under in this Agreement and by the Operating Committee; obtain the relevant legal licenses and permits required to conduct the operations in the Contract Area; provide the non-Operator Consortium Members with access to the facilities and records of the Operations, upon their prior request; undertake assume responsibility for the payment of the Royalties payable on behalf of the ContractorsContracted Parties; represent the non-Operator Consortium Members when contacting ANP; in case of emergency, take the necessary measures to protect life, the environment, the facilities, and the equipment; keep the non-Operator Consortium Members informed of the activities in progress arising from performance of this Agreement; propose to the Operating Committee the matters of in the Table of Competences and Resolutions; manage the Exploration and Production projects regarding the Agreement through a using methodology based on the market references and with a structure centralized in and coordinated from a project management office, aiming at standardizing the governance processes related to the projects, as well as to planning, organization, conduct, control, documentation, and completion of its activities. Information provided by the Operator The Operator shall provide to the other Consortium Members the following data and reports as they are prepared or compiled during conduct of the Operations: copies of all records or researches, including those in electronic format, if any; daily drilling reports; copies of all essential tests and data and of analysis reports; drilling final drilling report; copy copies of the line interconnection reports; final copies of geological and geophysical maps, seismic sections, and objectives; engineering studies, development projects, and progress reports of on the development projects; daily bulletin of the Production of Oil and Gas with a record of production losses and burnings; field data and also performance reports, including Reservoir studies and reserve estimates; copies of all reports regarding material of Operations in the Contract Area or provided to ANP; copies of the engineering projects of each well, including any reviewsrevisions thereto; periodic reports with safety, health, and environment indicators regarding the Operations; and other studies and reports established by the Operating Committee. The Operator shall promptly notify the Consortium Members of administrative complaints and lawsuits related to the Operations. The Operator shall provide quarterly reports to the Consortium Members with updated administrative complaints and lawsuits related to the Operations. Additional information arising from execution conduct of the Operations in the Contract Area may be requested, at any time, to the Operator by the ContractorsContracted Parties, at their own expenses. The Manager shall receive additional information with no costs. Limitation of Limit to the Responsibilities of the Operator Operator’s Liabilities The Contractors Contracted Parties are jointly liable for any losses and damages caused in the execution of the Operations and to each other, according to their respective shares, except when the Operator, at in high managerial level (General Manager of the Operating Unit, Executive Manager, or equivalent, at least), proceeds proceed with evidenced direct or eventual evidenced willful misconduct or gross negligencemisconduct, cases in which it shall bear all losses, damages, costs, expenses and liabilities, and general burdens resulting therefrom on an individual basisresulting.

PETRÓLEO BRASILEIRO S. A. – Petrobras, during the effectiveness of this Agreement, shall be the Operator and only person responsible, on behalf of the Consortium, for conducting and developing all activities of Exploration, Assessment, Development, Production, and decommissioning of the facilities under the Agreement.. . The Operator is the only member of the Consortium that, on its behalf and within the limits defined by the Operating Committee, may execute agreements, enforce or undertake expenditure commitments, and take other actions related to the development of the activities of Exploration and Production of Oil and Gas in the Contract Area. The Operator shall be that responsible for representing the Consortium before regulatorsregulatory authorities, inspecting authorities, and other external entities. The Operator shall represent the Consortium Members judicially and extrajudicially. The Operator of this Agreement shall have at least a thirty percent (30%)-share in the equity property rights and obligations of the Consortium in the Contract Area. The Operator shall: act in compliance with this Agreement, the Applicable Laws and Regulations, and determinations the orders of the Operating Committee; conduct the Operations in a diligent, safe, and efficient manner, pursuant to in compliance with the Best Practices of the Oil Industry, having pursuant to the “No Loss or Gain Gain, No Loss” Principle in its capacity position of Operator; notify the Operating Committee and ANP of any Discovery inside the Contract Area, according to Section Twelve Sixteen of the Agreement; conduct the Operations with Exclusive Risks pursuant to Section IV of this AnnexIV; prepare develop the Budget and Work and Budget Programs and other documents to be submitted to examination of by the Operating Committee, under the terms of this Agreement; prepare develop and send to ANP, after definition of when the Operating CommitteeCommittee is defined, the plans, programs, and reports required by the regulatorregulatory authority; issue the Authorization for Expenditure to develop the activities approved by the Operating Committee in the Annual Work Program and call for fund contribution to pay the Consortium expenses; render accounts to the Consortium, as established under in this Agreement and by the Operating Committee; obtain the relevant legal licenses and permits required to conduct the operations in the Contract Area; provide the non-Operator Consortium Members with access to the facilities and records of the Operations, upon their prior request; undertake assume responsibility for the payment of the Royalties payable on behalf of the ContractorsContracted Parties; represent the non-Operator Consortium Members when contacting ANP; in case of emergency, take the necessary measures to protect life, the environment, the facilities, and the equipment; keep the non-Operator Consortium Members informed of the activities in progress arising from performance of this Agreement; propose to the Operating Committee the matters of the Table of Competences and Resolutions; manage the Exploration and Production projects regarding the Agreement through using a methodology based on the market references and with a structure centralized in and coordinated from a project management office, aiming at standardizing the governance processes related to the projects, as well as to planning, organization, conduct, control, documentation, and completion of its activities. Information provided by the Operator The Operator shall provide to the other Consortium Members the following data and reports as they are prepared or compiled during conduct of the Operations: copies of all records or researches, including those in electronic format, if any; daily drilling reports; copies of all essential tests and data and of analysis reports; drilling final drilling report; copy copies of the line interconnection reports; final copies of geological and geophysical maps, seismic sections, and objectives; engineering studies, development projects, and progress reports of on the development projects; daily bulletin of the Production of Oil and Gas with a record of production losses and burnings; field data and also performance reports, including Reservoir studies and reserve estimates; copies of all reports regarding material of Operations in the Contract Area or provided to ANP; copies of the engineering projects of each well, including any reviewsrevisions thereto; periodic reports with safety, health, and environment indicators regarding the Operations; and other studies and reports established by the Operating Committee. The Operator shall promptly notify the Consortium Members of administrative complaints and lawsuits related to the Operations. The Operator shall provide quarterly reports to the Consortium Members with updated administrative complaints and lawsuits related to the Operations. Additional information arising from execution conduct of the Operations in the Contract Area may be requested, at any time, to the Operator by the ContractorsContracted Parties, at their own expenses. The Manager shall receive additional information with no costs. Limitation of Limit to the Responsibilities of the Operator Operator’s Liabilities The Contractors Contracted Parties are jointly liable for any losses and damages caused in the execution of the Operations and to each other, according to their respective shares, except when the Operator, at in high managerial level (General Manager of the Operating Unit, Executive Manager, or equivalent, at least), proceeds proceed with evidenced direct or eventual evidenced willful misconduct or gross negligencemisconduct, cases in which it shall bear all losses, damages, costs, expenses and liabilities, and general burdens resulting therefrom on an individual basisresulting.

PETRÓLEO BRASILEIRO S. A. A – PetrobrasPetrobras shall, during throughout the effectiveness of this Agreement, shall be the Operator and the only person responsible, on behalf of the Consortium, for conducting conduct and developing development of all activities of Exploration, Assessment, Development, Production, and decommissioning of the facilities under the Agreement.. . The Operator is the only member of the Consortium that, on its behalf and within the limits defined by the Operating Committee, may execute agreements, enforce or undertake expenditure commitments, and take other actions related to the development of the activities of Exploration and Production of Oil and Gas in the Contract Area. The Operator shall be responsible for representing the Consortium before regulators, inspecting authorities, and other external entities. The Operator shall represent the Consortium Members judicially and extrajudicially. The Operator of this Agreement shall have at least a thirty percent (30%)-share in the equity rights and obligations of the Consortium in the Contract Area. The Operator may resign its position, being subject to the conditions required by ANP. The Operator shall: act in compliance with this Agreement, the Applicable Laws and Regulations, and determinations of the Operating Committee; conduct the Operations in a diligent, safe, and efficient manner, pursuant to the Best Practices of the Oil Industry, having No Loss or Gain in its capacity of Operator; notify the Operating Committee and ANP of any Discovery inside the Contract Area, according to Section Twelve of the Agreement; conduct the Operations with Exclusive Risks pursuant to Section IV of this Annex; prepare the Work and Budget Programs and other documents to be submitted to examination of the Operating Committee, under the terms of this Agreement; prepare and send to ANP, after definition of the Operating Committee, the plans, programs, and reports required by the regulator; enter into any Production Individualization Agreements on behalf of the Consortium Members; issue the Authorization for Expenditure to develop the activities approved by the Operating Committee in the Annual Work Program and call for contribution to pay the Consortium expenses; render accounts to the Consortium, as established under this Agreement and by the Operating Committee; obtain the relevant legal licenses and permits required to conduct the operations in the Contract Area; provide the non-Operator Consortium Members with access to the facilities and records of the Operations, upon their prior request; undertake responsibility for the payment of pay the Royalties payable due on behalf of the Contractors; represent the non-Operator Consortium Members when contacting ANP; in case of emergency, take the necessary measures to protect life, the environment, the facilities, and the equipment; keep the non-Operator Consortium Members informed of the activities in progress arising from performance of this Agreement; propose to the Operating Committee the matters of the Table of Competences and Resolutions; . manage the Exploration and Production projects regarding the Agreement through a methodology based on the market references and with a structure centralized in and coordinated from a project management office, aiming at standardizing the governance processes related to the projects, as well as to planning, organization, conduct, control, documentation, and completion of its activities. Information provided by the Operator The Operator shall provide to the other Consortium Members the following data and reports as they are prepared or compiled during conduct of the Operations: copies of all records or researches, including in electronic format, if any; daily drilling reports; copies of all essential tests and data and of analysis reports; final drilling report; copy of line interconnection reports; final copies of geological and geophysical maps, seismic sections, and objectives; engineering studies, development projects, and progress reports of the development projects; daily bulletin of the Production of Oil and Gas with record of production losses and burnings; field data and also performance reports, including Reservoir studies and reserve estimates; copies of all reports regarding material of Operations in the Contract Area or provided to ANP; copies of the engineering projects of each well, including any reviews; periodic reports with safety, health, and environment indicators regarding the Operations; and other studies and reports established by the Operating Committee. The Operator shall promptly notify the Consortium Members of administrative complaints and lawsuits related to the Operations. The Operator shall represent the Consortium Members judicially and extrajudicially. The Operator shall provide quarterly reports to the Consortium Members with updated administrative complaints and lawsuits related to the Operations. Additional information arising from execution of the Operations in the Contract Area may be requested, at any time, to the Operator by the Contractors, at their own expenses. The Manager shall receive additional information with no costs. Limitation of the Responsibilities of the Operator The Contractors are jointly liable for any losses and damages caused in the execution of the Operations and to each other, according to their respective shares, except when the Operator, at high managerial level (General Manager of the Operating Unit, Executive Manager, or equivalent, at least), proceeds with evidenced direct or eventual willful misconduct or gross negligence, cases in which it shall bear all losses, damages, costs, expenses and liabilities, and general burdens resulting therefrom on an individual basis.

PETRÓLEO BRASILEIRO S. A. A – PetrobrasPetrobras shall, during throughout the effectiveness of this Agreement, shall be the Operator and the only person responsible, on behalf of the Consortium, for conducting conduct and developing development of all activities of Exploration, Assessment, Development, Production, and decommissioning of the facilities under the Agreement.. Agreement The Operator is the only member of the Consortium that, on its behalf and within the limits defined by the Operating Committee, may execute agreements, enforce or undertake expenditure commitments, and take other actions related to the development of the activities of Exploration and Production of Oil and Gas in the Contract Area. The Operator shall be responsible for representing the Consortium before regulators, inspecting authorities, and other external entities. The Operator shall represent the Consortium Members judicially and extrajudicially. The Operator of this Agreement shall have at least a thirty percent (30%)-share in the equity rights and obligations of the Consortium in the Contract Area. The Operator shall: act in compliance with this Agreement, the Applicable Laws and Regulations, and determinations of the Operating Committee; conduct the Operations in a diligent, safe, and efficient manner, pursuant to the Best Practices of the Oil Industry, having No Loss or Gain in its capacity of Operator; notify the Operating Committee and ANP of any Discovery inside the Contract Area, according to Section Twelve of the Agreement; conduct the Operations with Exclusive Risks pursuant to Section IV of this Annex; prepare the Work and Budget Programs and other documents to be submitted to examination of the Operating Committee, under the terms of this Agreement; prepare and send to ANP, after definition of the Operating Committee, the plans, programs, and reports required by the regulator; enter into any Production Individualization Agreements on behalf of the Consortium Members; issue the Authorization for Expenditure to develop the activities approved by the Operating Committee in the Annual Work Program and call for contribution to pay the Consortium expenses; render accounts to the Consortium, as established under this Agreement and by the Operating Committee; obtain the relevant legal licenses and permits required to conduct the operations in the Contract Area; provide the non-Operator Consortium Members with access to the facilities and records of the Operations, upon their prior request; undertake responsibility for the payment of pay the Royalties payable due on behalf of the Contractors; represent the non-Operator Consortium Members when contacting ANP; in case of emergency, take the necessary measures to protect life, the environment, the facilities, and the equipment; keep the non-Operator Consortium Members informed of the activities in progress arising from performance of this Agreement; propose to the Operating Committee the matters of the Table of Competences and Resolutions; . manage the Exploration and Production projects regarding the Agreement through a methodology based on the market references and with a structure centralized in and coordinated from a project management office, aiming at standardizing the governance processes related to the projects, as well as to planning, organization, conduct, control, documentation, and completion of its activities. Information provided by the Operator The Operator shall provide to the other Consortium Members the following data and reports as they are prepared or compiled during conduct of the Operations: copies of all records or researches, including in electronic format, if any; daily drilling reports; copies of all essential tests and data and of analysis reports; final drilling report; copy of line interconnection reports; final copies of geological and geophysical maps, seismic sections, and objectives; engineering studies, development projects, and progress reports of the development projects; daily bulletin of the Production of Oil and Gas with record of production losses and burnings; field data and also performance reports, including Reservoir studies and reserve estimates; copies of all reports regarding material of Operations in the Contract Area or provided to ANP; copies of the engineering projects of each well, including any reviews; periodic reports with safety, health, and environment indicators regarding the Operations; and other studies and reports established by the Operating Committee. The Operator shall promptly notify the Consortium Members of administrative complaints and lawsuits related to the Operations. The Operator shall represent the Consortium Members judicially and extrajudicially. The Operator shall provide quarterly reports to the Consortium Members with updated administrative complaints and lawsuits related to the Operations. Additional information arising from execution of the Operations in the Contract Area may be requested, at any time, to the Operator by the Contractors, at their own expenses. The Manager shall receive additional information with no costs. Limitation of the Responsibilities of the Operator The Contractors are jointly liable for any losses and damages caused in the execution of the Operations and to each other, according to their respective shares, except when the Operator, at high managerial level (General Manager of the Operating Unit, Executive Manager, or equivalent, at least), proceeds with evidenced direct or eventual willful misconduct or gross negligence, cases in which it shall bear all losses, damages, costs, expenses and liabilities, and general burdens resulting therefrom on an individual basis.