Common use of Reference Prices of Oil Clause in Contracts

Reference Prices of Oil. The Reference Price of Oil in month “m” shall be calculated as recommended by Decree No. 2,705/1998 or by the laws and regulations that may supersede it. Up to the fifth business day of each month, as of the month following the one in which the Oil Production Start Date for the Field falls, each Contractor shall inform the Manager the amounts sold, the sale prices in the previous month, and the amount of the Reference Prince of Oil, also having to submit the invoices supporting the sales.

Reference Prices of Oil. The Reference Price of Oil in month “m” shall be calculated as recommended by Decree No. 2,705/1998 or by the laws and regulations that may supersede it. Up to the fifth business day of each month, as of the month following the one in which the Oil Production Start Date for the Field falls, each Contractor shall inform the Manager and ANP the amounts sold, the sale prices in the previous month, and the amount of the Reference Prince of Oil, also having to submit the invoices supporting the sales.