Common use of Project B Clause in Contracts

Project B. 5 Investments This phase begins when a decision on implementation of a development project has been made. 5.1 Development investments Development investments concern the development of new resources. There will always be concept studies before such an investment is made. The budget for the project is sanctioned by an approved PDO/PAD. Some projects are exempt from PDO requirement. 5.1.1 Part project X 5.2 Operating investments Operating investments are permanent investments that: Increase the production capacity Substantially increase the quality and thus the value of the products Substantially improve the production process and thereby substantially lower the level of other production costs Measures that enhance safety and prevent/reduce future pollution of the environment Extensions of the plant and/or new functions This will normally be investments in operating equipment that have been put to use (after the project investment was made) and that are not classified as maintenance. 5.2.1 Part project X 5.3 Production drilling Production drilling is all activities related to the drilling and completion of production and injection xxxxx after a decision on project implementation, and/or a decision on new xxxxx or drilling targets in the production phase have been made. All associated/indirect activities with the objective of production drilling also belong under the classification “production xxxxx” (e.g. well planning, mob/demob rig, modification rig, etc.).

Project B. 5 Investments This phase begins when a decision on implementation of a development project has been made. . 5.1 Development investments Development investments concern the development of new resources. There will always be concept studies before such an investment is made. The budget for the project is sanctioned by an approved PDO/PAD. Some projects are exempt from PDO requirement. 5.1.1 Part project X 5.2 Operating investments Operating investments are permanent investments that: - Increase the production capacity - Substantially increase the quality and thus the value of the products - Substantially improve the production process and thereby substantially lower the level of other production costs - Measures that enhance safety and prevent/reduce future pollution of the environment - Extensions of the plant and/or new functions This will normally be investments in operating equipment that have been put to use (after the project investment was made) and that are not classified as maintenance. 5.2.1 Part project X 5.3 Production drilling Production drilling is all activities related to the drilling and completion of production and injection xxxxx after a decision on project implementation, and/or a decision on new xxxxx or drilling targets in the production phase have been made. All associated/indirect activities with the objective of production drilling also belong under the classification “production xxxxx” (e.g. well planning, mob/demob rig, modification rig, etc.).

Project B. 5 Investments This phase begins when a decision on implementation of a development project has been made. 5.1 Development investments Development investments concern the development of new resources. There will always be concept studies before such an investment is made. The budget for the project is sanctioned by an approved PDO/PADPIO. Some projects are exempt from the PDO requirement. 5.1.1 Part project X 5.2 Operating investments Operating investments are permanent investments that: Increase the production capacity capacity; Substantially increase the quality and thus the value of the products products; Substantially improve the production process and thereby substantially lower the level of other production costs costs; Measures that enhance safety and prevent/reduce future pollution of the environment environment; Extensions of the plant and/or new functions functions. This will normally be investments in operating equipment that have been put to use (after the project investment was made) and that are not classified as maintenance. 5.2.1 Part project X 5.3 Production drilling Production drilling is all activities related to the drilling and completion of production and injection xxxxx xxxxx, after a decision on project implementation, and/or a decision on new xxxxx or drilling targets in the production phase have been made. All associated/indirect activities with the objective of production drilling also belong under the classification “production xxxxx” (e.g. well planning, mob/demob rig, modification rig, etc.).

Project B. 5 Investments This phase begins when a decision on implementation of a development project has been made. made 5.1 Development investments Development investments concern the development of new resources. There will always be concept studies before such an investment is made. The budget for the project is sanctioned by an approved PDO/PADPIO. Some projects are exempt from the PDO requirement. 5.1.1 Part project X 5.2 Operating investments Operating investments are permanent investments that: - Increase the production capacity capacity; - Substantially increase the quality and thus the value of the products products; - Substantially improve the production process and thereby substantially lower the level of other production costs costs; - Measures that enhance safety and prevent/reduce future pollution of the environment environment; - Extensions of the plant and/or new functions functions. This will normally be investments in operating equipment that have been put to use (after the project investment was made) and that are not classified as maintenance. 5.2.1 Part project X 5.3 Production drilling Production drilling is all activities related to the drilling and completion of production and injection xxxxx xxxxx, after a decision on project implementation, and/or a decision on new xxxxx or drilling targets in the production phase have been made. All associated/indirect activities with the objective of production drilling also belong under the classification “production xxxxx” (e.g. well planning, mob/demob rig, modification rig, etc.).

Project B. 5 Investments This phase begins when a decision on implementation of a development project has been made. made 5.1 Development investments Development investments concern the development of new resources. There will always be concept studies before such an investment is made. The budget for the project is sanctioned by an approved PDO/PADPIO. Some projects are exempt from the PDO requirement. 5.1.1 Part project X 5.2 Operating investments Operating investments are permanent investments that: - Increase the production capacity Substantially capacity; - Sbstantially increase the quality and thus the value of the products products; - Substantially improve the production process and thereby substantially lower the level of other production costs costs; - Measures that enhance safety and prevent/reduce future pollution of the environment environment; - Extensions of the plant and/or new functions functions. This will normally be investments in operating equipment that have been put to use (after the project investment was made) and that are not classified as maintenance. 5.2.1 Part project X 5.3 Production drilling Production drilling is all activities related to the drilling and completion of production and injection xxxxx xxxxx, after a decision on project implementation, and/or a decision on new xxxxx or drilling targets in the production phase have been made. All associated/indirect activities with the objective of production drilling also belong under the classification “production xxxxx” (e.g. well planning, mob/demob rig, modification rig, etc.).