Production Volume Variance. The volume produced in the Field each month may not vary by more than fifteen percent (15%) when compared to the Production volume expected for the corresponding month in the Annual Production Program. In case of variance higher than the referred percentage, the Consortium Members shall submit the justification to ANP by the fifteenth (15th) day of the month following the variance. A variance greater than such percentage shall be allowed if due to technical reasons, acts of God, force majeure, or similar causes that shall be assessed by ANP. The Consortium Members may request ANP to voluntarily interrupt Production in a Field for a one (1)-year period, extendable at ANP’s discretion. ANP shall assess the request within sixty (60) days, renewable for the same period, and may request clarification from the Consortium Members. The term for assessment shall be resumed upon submission of the clarification required. Voluntary interruption of the Production shall not entail suspension of the term of the Agreement.
Appears in 2 contracts
Samples: Transfer of Rights Surplus Production Sharing Agreement, Transfer of Rights Surplus Production Sharing Agreement
Production Volume Variance. The volume produced in the Field each month may not vary by more than fifteen percent (15%) when compared to the Production volume expected for the corresponding month in the Annual Production Program. In case of variance higher than the referred percentage, the Consortium Members shall submit the justification to ANP by the fifteenth (15th) day of the month following the variance. A variance greater than such percentage shall be allowed if due to technical reasons, acts of God, force majeure, or similar causes that shall be assessed by ANP. The Consortium Members may request ANP to voluntarily interrupt the Production in of a Field for a an one (1)-year period, extendable at ANP’s discretion. ANP shall assess the request within sixty (60) days, renewable for the same period, and may request clarification from the Consortium Members. The term for assessment shall be resumed upon submission of the clarification required. Voluntary interruption of the Production shall not entail suspension of the term of the Agreement.
Appears in 2 contracts
Samples: Production Sharing Agreement, Production Sharing Agreement
