Common use of PROFIT OIL SHARING Clause in Contracts

PROFIT OIL SHARING. Profit Oil Sharing The Contracting Party and the Contracted Party shall share, on a monthly basis, the volume of Oil and Gas corresponding to the Profit Oil produced in the Contract Area. The Consortium Members shall be entitled to the volume of Oil and Gas produced in the Co-participated Area pursuant to the Share defined in the Co-participation Agreement. The Profit Oil share applicable to the Contracting Party shall vary based on the average Xxxxx Oil price and the average daily Oil Production in the producing xxxxx in the Development Area or Field, according to the table in Annex VI. The oil price shall be the monthly average of the daily prices of Xxxxx Dated, according to the quotation published on a daily basis by Xxxxx’x Crude Oil Marketwire. The volume of Natural Gas produced shall be shared in the same percentage applied to the oil volume sharing. Xxxxx with restricted Oil Production due to technical and operational issues and which are incurring losses shall not be taken into account in the average calculation, at PPSA’s discretion. The Oil and Gas volume corresponding to the Profit Oil shall be measured and made available according to the guidelines in Annex V and Section Thirteen.