PRODUCTION LEVELS AND ANNUAL PRODUCTION PROGRAMME Sample Clauses

PRODUCTION LEVELS AND ANNUAL PRODUCTION PROGRAMME. (1) The Contractor shall produce Petroleum at the Maximum Efficient Rate in accordance with good international petroleum industry practice. (2) Prior to the first day of October of each year following the commencement of Commercial Production, the Contractor shall submit and orally present to the Minister, a detailed statement of the annual production programme and budget for the next Calendar Year, and the provisions of sub-clause 18(3) and (4) shall apply to the annual production programme and budget. (3) The Contractor shall endeavour to produce in each Calendar Year the forecast quantity estimated in the annual production programme. (4) The Crude Oil shall be run to storage (constructed, maintained and operated by the Contractor) and Petroleum shall be metered or otherwise measured as required to meet the purpose of this Contract in accordance with clause 25.