Production Sharing Contract. In accordance with the provisions herein contained, the MINISTRY shall be responsible for the supervision of the Petroleum Operations contemplated in this Contract. CONTRACTOR shall: ----------
Production Sharing Contract. The Production Sharing Contract (PSC) relating to the Cambay Field dated 23 September 1994 executed by and between Government of India, GSPC and Niko Resources Ltd as amended on 21 July 2006, 8 May 2007 and 11 December 2009 respectively.
Production Sharing Contract. 2.2. The Consortium Members have established and will establish, in specific documents, without prejudice to documents and commitments made in the Production Sharing Contract, rules and special conditions to internally regulate the individual relations, considering their condition of Consortium Members, as well as the accomplishment of the Operations of the Consortium.
Production Sharing Contract. Block 11A Ministry of Energy Page 76 Where it is necessary to complete an expenditure in a budget item in the approved participation work programme, the operator may exceed the budget for the budget item by the lesser of ten per cent (10%) thereof or.................U.S.D ) and shall report promptly such excess expenditure to the non-operators. The operator may spend not more than ............................U.S. dollars (USD ) on petroleum operations in the participation area not included in an approved participation work programme, provided that such expenditure shall not be for items previously rejected by the operating committee. The operator shall report promptly that expenditure to the non-operators and, if it is approved in accordance with Article 4 (6), the operator may make further expenditure thereon or on other items not exceeding U.S. dollars (U.S.$ ) in that year. The limits in this Article 3(10) may be changed from time to time by the operating committee. In the case of emergency, the operator may make such immediate expenditure and take such immediate action as may seem necessary for the protection of life or property or the prevention of pollution and such emergency expenditure shall be reported promptly to the parties by the operator.
Production Sharing Contract. 15 November 2006 This Agreement, which has been approved by the Joint Commission, is a Production Sharing Contract and is subject to the Treaty and the Petroleum Mining Code BETWEEN the Timor Sea Designated Authority established under the Treaty, party of the first part; AND Oilex (JPDA 06-103) Ltd (Company No. (ACN 122049594) a corporation organised and existing under the laws of Australia with its registered address at 00 Xxxx’x Xxxx Xxxx, Xxxxx 0, Xxxx Xxxxx, Xxxxxxx Xxxxxxxxx 0000; Global Energy Inc. (Company Number MC-156838) a corporation organised and existing under the laws of the Cayman Islands with its registered address at P.O. Box 309GT, Xxxxxx House, South Church Street, Xxxxxx Town, Grand Cayman, Cayman Islands; Bharat PetroResources JPDA Limited (Company No.U23209MH2006GOI165279) a corporation organised and existing under the laws of India with its registered address at Xxxxxx Xxxxxx, 0 & 0 Xxxxxxxxxx Xxxx, Xxxxxxx Estate, Mumbai 400 001; and GSPC (JPDA) Limited, (Company No.U23201GJ2006SGC049229) a corporation organised and existing under the laws of India with its registered address at GSPC Xxxxxx, Xxxxxx-00, Xxxxxxxxxxx, 000000, Xxxxx; (collectively, the “Contractor”) parties of the second part; (both referred to individually as a “Party” or collectively as the “Parties”).
Production Sharing Contract. This HOA provides that, subject to satisfactory completion of confirmatory due diligence, entry into a formal farm-in agreement and receipt of necessary regulatory approvals: - Two high impact exploration xxxxx (Alameda and Zapato) to be drilled in Block 9; - Sonangol to fund 85% of all costs associated with the completion of this two well drilling campaign to earn 70% participating interest in Block 9; - Melbana to fund 15% and retain a 30% participating interest in Block 9; - After the completion of these two xxxxx, Sonangol and Melbana shall bear their own costs and expenses in proportion to each of their participating interests; - Sonangol to immediately pay Xxxxxxx’s past costs of approximately $5.0 million, largely covering Xxxxxxx’s forecast funding commitment to these xxxxx; and - Melbana to remain operator, until the completion of the two well drilling campaign, thus maintaining responsibility for operations and management of costs. • All permits, environmental approvals and land access agreements are already in place and are being extended, as necessary. Tenders for rigs and services are being refreshed. • Block 9 is independently assessed to have 14.8 billion barrels of oil in place (best estimate) and Prospective Resources of 676 million barrels.1
Production Sharing Contract. The Production Sharing Contracts are in full force and effect with respect to the Company. Except as disclosed in Section 3.5 of the Disclosure Schedule, the Company’s interest in the Production Sharing Contracts are free and clear of any Encumbrances or burdens other than those created by the Production Sharing Contracts, applicable Law or any Contract. To Seller’s knowledge, the Company has not done any act or committed any default whereby the Production Sharing Contracts or the Company’s interest therein would reasonably be expected to be cancelled, terminated, encumbered, suspended, expropriated or seized, except as would not have a Material Adverse Effect. Notwithstanding anything to the contrary in this Section 3.5 or elsewhere in this Agreement, Seller does not represent that the Company will be able to take full advantage of its rights under the Production Sharing Contracts, that CNOOC (or its successor in interest) will perform its obligations under, or comply with the terms of, the Production Sharing Contracts, or that CNOOC (or its successor in interest) or any Chinese Governmental Authority will refrain from attempting to terminate the Production Sharing Contracts, or that CNOOC (or its successor in interest) or any Chinese Governmental Authority will refrain from attempting to apply varying terms or laws to the Production Sharing Contracts, the Contractor under the Production Sharing Contracts, or the Company.
