Provisions common to Associated and Non-Associated Gas Sample Clauses

Provisions common to Associated and Non-Associated Gas. 24.3.1 The Contractor shall have the right to dispose of its share of production of Natural Gas in accordance with the provisions of this Contract. It shall also have the right to proceed with the separation of liquids from all Natural Gas produced by Contractor, and to transport, store as well as sell on the local market or for export its share of liquid Hydrocarbons so separated which will be considered as Crude Oil for the purposes of the sharing between the Republic and the Contractor under Article 6. 24.3.2 For the purposes of this Contract, the Market Price for Natural Gas shall be equal to: (i) With respect to Natural Gas export sales, the invoiced price, netted back to the Delivery Point, obtained by the Contractor for Natural Gas in Arm’s Length Sales to third parties, or absent Arm’s Length Sales, the value at which such Natural Gas could be sold on similar terms, at similar times and at a similar location by parties in Arm’s Length Sales. (ii) With respect to Natural Gas sales transactions on the domestic market, a Natural Gas sales price determined on the basis of a formula which shall be mutually agreed between the Republic and the Contractor using the following considerations: - publicly available information regarding international market prices of natural gas similar in quality to the gas to be valued; - the market destination of the Natural Gas; - the price of alternative fuels to Natural Gas at the final destination; - ancillary costs required to produce and market gas, such as gathering, treating or processing costs, distribution costs or taxes; - an assumption of sound marketing practices; - an assumption of efficient operations; - provision for an economic return commensurate with that of international gas development projects; and - any other relevant considerations. 24.3.3 When required by the Minister pursuant to Article 12.2, the Contractor shall market the Republic’s share of Profit Gas, except as provided in respect of Associated Natural Gas in Article 24.2.2.
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Provisions common to Associated and Non-Associated Gas. 21.3.1 In order to encourage the exploitation of Natural Gas, NOCAL may grant to the Contractor specific benefits when they are duly justified concerning, inter alia, the recovery of the Petroleum Costs relating to Natural Gas. 21.3.2 The Contractor shall have the right to dispose of its share of production of Natural Gas, in accordance with the provisions of this Contract. It shall also have the right to proceed with the separation of liquids from all Natural Gas Produced, and to transport, store as well as sell on the local market or for export its share of liquid petroleum so separated which will be considered as Crude Oil for the purposes of their sharing between the Parties under Article 16. 21.3.3 For the purposes of this Contract, the Natural Gas price, expressed in Dollars per million BTU, shall be equal to: (a) with respect to Natural Gas export sales to Third Parties, the price obtained from purchasers; (b) with respect to sales on the local market of Natural Gas as a fuel, such price as NOCAL and the Contractor shall mutually agree upon.
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Provisions common to Associated and Non-Associated Gas. (a) The Contractor shall have the right to dispose of its share of production of Natural Gas, in accordance with the provisions of this Contract. It shall also have the right to proceed with the separation of liquids from all Natural Gas produced, transport, store as well as sell on the local market or export its share of liquid Hydrocarbons so separated, which will be considered as Crude Oil for purposes of sharing thereof between the Parties under Article 8. (b) For purposes of this Contract, the Natural Gas Market price shall be equal to : (i) with respect to Natural Gas export sales to Third Parties, the price obtained from purchasers; (ii) with respect to sales on the local market of Natural Gas as a fuel, such price as the Minister, or the national entity that the Republic would set up for the distribution of Natural Gas on the local market, and the Contractor would mutually agree upon. (c) For purposes of Article 11.2, the quantities of available Natural Gas, after deduction of the quantities used for the requirements of the Hydrocarbons Operations, reinjected or flared, shall be expressed in a number of Barrels of Crude Oil such as one hundred and sixty five (165) cubic meters of Natural Gas as measured at the temperature of 15°C and at the atmospheric pressure of 1.01325 bar are deemed to be equal to one Barrel of Crude Oil, unless otherwise agreed upon by the Parties.
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Provisions common to Associated and Non-Associated Gas. (a) In the event of a Natural Gas discovery, the Contractor shall engage in discussions with NOCAL with a view to determining whether the appraisal and exploitation of said discovery is of a potentially commercial nature. (b) In addition, the Parties shall jointly evaluate the possible outlets for the Natural Gas, both on the local market and for export, together with the necessary means for its marketing, and they shall consider the possibility of a joint marketing of their shares of production in the event the Natural Gas discovery would not otherwise be commercially exploitable. (c) Following completion of appraisal work, in the event the Parties should jointly decide that the exploitation of that discovery is justified to supply the local market, or in the event the Contractor should undertake to develop and produce that Natural Gas for export, the Contractor shall submit prior to the expiration of the appraisal period an application for an exclusive exploitation authorization which NOCAL will grant under the terms provided by Article 12.1. (d) The Contractor shall have the right to dispose of its share of production of Natural Gas, in accordance with the provisions of this Contract. It shall also have the right to proceed with the separation of liquids from all Natural Gas produced, and to transport, store as well as sell on the local market or for export its share of liquid Petroleum so separated which will be considered as Crude Oil for the purposes of their sharing between NOCAL and the Contractor under Article 16. (e) In order to encourage the exploitation of Natural Gas, NOCAL and the Contractor undertake to negotiate in good faith with a view to reaching agreement on terms for the commercialization of Natural Gas determined to be present in potentially commercial quantities. NOCAL shall consult with the Ministry of Finance and the Ministry of Justice regarding any revised terms for Natural Gas development. Any agreement regarding the terms for the commercialization of Natural Gas shall take into account the legitimate interest of the State as the resource owner.
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Related to Provisions common to Associated and Non-Associated Gas

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