Production Sharing. The Compensation Oil shall be shared between the STATE and the CONTRACTOR as a function of the value of the "R" factor defined hereafter: Values of « R » Profit Oil Sharing For the application of this Article, for a given Calendar Year, "R" refers to the ratio of "Net Cumulative Revenue" over "Cumulative Investments" calculated at the close of the preceding Calendar Year, where :
Production Sharing. (1) The remaining ----- ------- percent (---%) of Petroleum shall be divided between EGPC and CONTRACTOR based on Xxxxx xxxxx and according to the following shares: Such shares shall be taken and disposed of pursuant to Article VII (e)
(i) Crude Oil (Quarterly Average ): Xxxxx Xxxxx US$/bbl Crude Oil produced and saved under this Agreement and not used in Petroleum operations, Barrel of Oil Per Day (BOPD) (quarterly average) Less than or equal to 5,000 BOPD More than 5,000 BOPD and less than or equal to 10,000 BOPD More than 10,000 BOPD and less than or equal to 15,000 BOPD More than 15,000 BOPD and less than or equal to 25,000 BOPD More than 25,000 BOPD EGPC % Cont. % EGPC % Cont. % EGPC % Cont. % EGPC % Cont. % EGPC % Cont. % Less than or equal to 40 US$ More than 40 US$ and less than or equal to 60 US$ More than 60 US$ and less than or equal to 80 US$ More than 80 US$ and less than or equal to 100 US$ More than 100 US$
(ii) Gas &LPG (Quarterly Average):
(2) After the end of each contractual year during the term of any Gas Sales Agreement entered into pursuant to Article VII (e), EGPC and CONTRACTOR (as sellers) shall render to EGPC or EGAS (as buyer) a statement for an amount of Gas, if any , equal to the amount by which the quantity of Gas of which EGPC or EGAS (as buyer) has taken delivery falls below seventy five percent (75%) of the Contract quantities of Gas as established by the applicable Gas Sales Agreement (the "Shortfall"), provided the Gas is available. Within sixty (60) days of receipt of the statement, EGPC or EGAS (as buyer) shall pay EGPC and CONTRACTOR (as sellers) for the amount of the Shortfall, if any. The Shortfall shall be included in EGPC's and CONTRACTOR's entitlement to Gas pursuant to Article VII (a) and Article VII
Production Sharing. 6.1 All Crude Oil/LPG/Condensate and Natural Gas produced and saved from the Contract Area and not used in the Petroleum Operations (hereinafter referred to as "Available Oil" or "Available Gas") shall be measured at the applicable Measurement Point and allocated as set forth hereinafter. Test or experimental Production shall require approval in accordance with the Rules.
6.2 Subject to the Accounting Procedure, Contractor shall recover Expenditure not excluded by the provisions of this Agreement or the Accounting Procedure in respect of all Petroleum Operations hereunder to the extent of and out of a maximum of 85% of all Available Oil and all Available Gas (hereinafter referred to as "Cost Recovery Oil" and "Cost Recovery Gas" respectively). Available Oil and Cost Recovery Oil shall include LPG and Condensate. Any Royalty payments as well as any payment referred to Article IX shall be part of the Expenditure and shall be recoverable as Cost Recovery Oil or Cost Recovery Gas.
6.3 All Expenditure permitted for cost recovery under this Agreement shall be treated as an expense (and not capitalized) for purposes of cost recovery and shall be allocated to Cost Recovery Oil or Cost Recovery Gas on the date such costs are incurred in accordance with the Accounting Procedure.
6.4 The cost recovery shall be determined on a Monthly basis and any Expenditure in excess of the limit established in Article 6.2 shall be carried forward for cost recovery during the following Month, and such procedure shall be repeated until the Expenditure is fully recovered.
6.5 The Crude Oil, LPG and Condensate remaining after the deduction of the Cost Recovery Oil from the Available Oil (subject to the limit provided for in Article 6.2) shall be considered Profit Oil. The Natural Gas remaining after the deduction of the Cost Recovery Gas from the Available Gas (subject to the limit provided for in Article 6.2) shall be considered Profit Gas.
6.6 Profit Oil and Profit Gas from the Contract Area shall be allocated on a Monthly basis between Government Holdings and Contractor in accordance with a sliding scale based on cumulative Production from the Contract Area during the term of this Agreement as follows:
(a) Where the Petroleum is obtained from a Shallow Grid Area(s) (description of which is given in Annex-VII) from geological formation(s) encountered at depths less than 4000 meters below sea level: (MMBBLs Crude Oil/LPG/ Condensate Natural Gas Crude Oil/LPG/ Condensate Natural Gas 0...
Production Sharing. 6.2.1 The quantity of produced Hydrocarbons remaining after the Contractor has taken from the Available Hydrocarbons the portion permitted under Article
6.1 to be allocated to the recovery of Hydrocarbons Costs shall be shared between the Republic and the Contractor in accordance with this Article.
6.2.2 To determine the percentage share of Profit Oil and/or Profit Gas to which the Parties are entitled, the "R" Factor shall be calculated each Quarter as follows:
Production Sharing. 1. The total Crude Oil produced and saved in a Quarter from each Commercial Discovery and its Development Area and not used in Petroleum Operations less the Cost Recovery Crude Oil from the same Development Area, as provided in Article 11, shall be referred to as “Development Area Profit Oil” or “Profit Oil” and shall be shared between Sonangol and Contractor Group according to the after tax, nominal rate of return achieved at the end of the preceding Quarter by Contractor Group in the corresponding Development Area as follows: Less than to less than to less than to less than
2. Beginning at the date of Commercial Discovery, Contractor Group's rate of return shall be determined at the end of each Quarter on the basis of the accumulated compounded net cash flow for each Development Area, using the following procedure:
(a) The Contractor Group's net cash flow computed in U.S. dollars for a Development Area for each Quarter is:
(i) The sum of Contractor Group's Cost Recovery Crude Oil and share of Development Area Profit Oil regarding the Petroleum actually lifted in that Quarter at the Market Price;
(ii) Minus Petroleum Income Tax;
(iii) Minus Development Expenditures and Production Expenditures;
(b) For this computation, neither any expenditure incurred prior to the date of Commercial Discovery for a Development Area nor any Exploration Expenditure shall be included in the computation of Contractor Group's net cash flow.
(c) The Contractor Group's net cash flows for each Quarter are compounded and accumulated for each Development Area from the date of the Commercial Discovery according to the following formula: ACNCF (Current Quarter) = where: ACNCF = accumulated compounded net cash flow NCF = net cash flow DQ = quarterly compound rate (in percent). The formula will be calculated using quarterly compound rates (in percent) of %, %, % and % which correspond to annual compound rates ("DA") of %, %, % and %, respectively, as referred to in Article 12.1.
3. The Contractor Group's rate of return in any given Quarter for each Development Area shall be deemed to be between the largest DA which yields a positive or zero ACNCF and the smallest DA which causes the ACNCF to be negative.
4. The sharing of Profit Oil from each Development Area between Sonangol and Contractor Group in a given Quarter shall be in accordance with the scale in paragraph 1 above using the Contractor Group's deemed rate of return as per paragraph 3 in the immediately preceding Quarter.
5. In ...
Production Sharing. 9.3.1 Crude Oil and Natural Gas Production shall be respectively disaggregated into the Cost Oil and the Profit Oil (and the Cost Gas and the Profit Gas), by using the relevant percentage calculated quarterly for the Cost Petroleum (in accordance with sub-clause 9.1) and for the Profit Petroleum (in accordance with sub- clause 9.1).
9.3.2 The Cost Petroleum and the Profit Petroleum calculations (respectively disaggregated into the Cost Oil, the Cost Gas, the Profit Oil and the Profit Gas) shall be done quarterly, on an accumulative basis during a given Fiscal Year. To the extent that actual quantities, costs and expenses are not known, provisional estimates of such data (based on the adopted annual Production Work Programme and Budget under clause 8) shall be used.
9.3.3 Within [60] days of the end of each Fiscal Year, a final calculation of each category of the Cost Petroleum and the Profit Petroleum based on actual Crude Oil Production and Natural Gas Production, in respect of that Fiscal Year and the recoverable Petroleum Costs and the Uplift, shall be prepared and any necessary adjustments shall be promptly made.
Production Sharing. 8.2.1 From the first day of production and as and when Hydrocarbons are being produced, the Contractor shall be entitled to take a percentage share of Profit Oil and/or Profit Gas, in consideration for its investment in the Hydrocarbons Operations, which percentage share shall be determined in accordance with Article 8.2.
8.2.2 To determine the percentage share of Profit Oil and/or Profit Gas to which the Contractor is entitled, the "R" Factor shall be calculated each Quarter in accordance with Article 8.2.3.
8.2.3 The “R” Factor shall be calculated as follows: R = X / Y where:
Production Sharing. 13.1 After the cost recovery specified in paragraph 12.2, the following Government/Licensee split will apply on the remaining total daily production (Profit Oil).
Production Sharing. In any Month where Contractor is recovering costs and expenses under Article 14.4 of this Contract, the Petroleum remaining after Cost Recovery, including any portion of Cost Recovery Petroleum not required to cover costs (hereinafter referred to as "Profit Petroleum") shall be allocated between Petrobangla and Contractor in the proportions as shown in Table 14.6; based on total average daily Production over the Month.
Production Sharing. Contract" or "PSC"the Exploration and Production Sharing Contract dated as of July 7, 1995, between Gabon and the Borrower and other parties, collectively as the Contractor, as amended by an undated agreement between Gabon and the Borrower with retroactive effect to July 7, 2001, and by the subsequent amendments thereto dated as of April 13, 2006, November 26, 2009, January 5, 2012 (with retroactive effect to July 17, 2011) and April 25, 2016;