Common use of Relinquishment of the Contract Area Clause in Contracts

Relinquishment of the Contract Area. The Contract Area shall be relinquished to the Federal Government at the end expected for the Production. The Consortium Members shall submit a report to the Contracting Party and to ANP, up to thirty-six (36) months before the earlier of the end of the effectiveness of the Agreement or the estimated depletion of commercially extractable volumes, with information on: mechanical condition of the xxxxx; Outflow lines; Production plans; equipment and other assets; prospect of additional Production; prospect of Field depletion; agreements with current suppliers; and other relevant considerations. The Consortium Members shall submit to ANP a Facility Decommissioning Program in compliance with the Applicable Laws and Regulations and the Best Practices in the Oil Industry. In the absence of specific regulation, the term for submission of the Facility Decommissioning Program shall not be lower than two (2) years before the expected end of the Production. In case ANP requests additional information and for additional measures to be taken, the Consortium Members shall have sixty (60) days, of other term to be defined at ANP’s discretion, of the date of receipt of the notice to submit it. The activities provided for in the Facility Decommissioning Program may only start upon express authorization by ANP. At the time of the approval of the Facility Decommissioning Program, ANP may indicate which properties shall be inure to the benefit of the Federal Government, under the Applicable Laws and Regulations, and establish that the Consortium Members neither proceed to permanently abandon certain xxxxx nor decommission or remove certain facilities and equipment, without prejudice to its right to return the area. This Agreement shall only be terminated for a certain Development Area or Field after compliance with the relevant Facility Decommissioning Program and approval of the Final Report on Decommissioning of the Facilities by ANP, with immediate relinquishment of the relevant area. In case the Facility Decommissioning Program indicates a prospect of additional Production after the end of the effectiveness of the Agreement, the Contracting Party may, based on ANP’s opinion, determine the actions for ensuring continuity of the Production Operations. In this case, the Operator shall propose to the Operating Committee an operational continuity plan, which shall include: the assignment of agreements with suppliers of the Consortium; the possibility of acquiring properties having a useful life greater than the effectiveness of the Agreement.

Relinquishment of the Contract Area. The Contract Area shall be relinquished returned to the Federal Government at the expected end expected for of the Production. The Consortium Members shall submit a report to the Contracting Party and to ANP, up to thirty-six (36) months before the earlier of the end of the effectiveness of the Agreement or the estimated depletion of commercially extractable volumes, a report with information on: mechanical condition of the xxxxx; Outflow outflow lines; Production production plans; equipment and other assets; prospect of additional Production; prospect of Field depletion; agreements with current suppliers; and other relevant considerations. The Consortium Members shall submit to ANP a Facility Decommissioning Program in compliance with the Applicable Laws and Regulations and the Best Practices in the Oil Industry. In the absence of specific regulation, the term deadline for submission of the Facility Decommissioning Program of shall not be lower than two three hundred sixty-five (2365) years days before the expected end of the Production. In case the absence of specific regulation, ANP requests additional information and for additional measures to be taken, the Consortium Members shall have sixty three hundred sixty-five (60365) days, of other term to be defined at ANP’s discretion, days of the date of receipt of the notice Facility Decommissioning Program to approve it or request the Consortium Members to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members shall have a term of up to sixty (60) days of receipt of notification to submit itthem, repeating the procedure provided for in paragraph 14.6. The activities provided for in the Facility Decommissioning Program may only start upon ANP’s express authorization by ANPauthorization. At the time of the approval of the Facility Decommissioning Program, ANP may indicate which properties shall be inure reversed to the benefit of the Federal Government, under the Applicable Laws and Regulations, and establish that the Consortium Members neither do not proceed to permanently abandon with permanent abandonment of certain xxxxx nor decommission or remove certain facilities and equipment, without prejudice to its right to return the area. This Agreement shall only be terminated for a certain Development Area or Field after compliance with the relevant Facility Decommissioning Program and approval of ANP for the Final Report on Facility Decommissioning of the Facilities by ANPReport, with immediate relinquishment of the relevant area. In case the Facility Decommissioning Program indicates a prospect of additional Production after the end of the effectiveness of the Agreement, the Contracting Party may, based on ANP’s opinion, determine the actions for ensuring continuity of the Production Operations. In this case, the Operator shall propose to the Operating Committee an operational continuity plan, which shall include: the assignment of agreements with suppliers of the Consortium; the possibility of acquiring properties having a which useful life greater than extends beyond the effectiveness of the Agreement.

Relinquishment of the Contract Area. The After the Production Phase is completed, the Contract Area shall be relinquished to the Federal Government at the end expected for the ProductionGovernment. The Consortium Members shall submit a report to the Contracting Party and to ANP, up to thirty-six (36) months before the earlier of the end of the effectiveness of the Agreement or the estimated depletion of commercially extractable volumes, a report with information on: mechanical condition of the xxxxx; Outflow lines; Production plans; equipment and other assets; prospect of additional Production; prospect of Field depletion; agreements with current suppliers; and other relevant considerations. The Consortium Members shall must submit to ANP a Facility Decommissioning Program in compliance with Program, detailing all actions required for the Applicable Laws and Regulations and the Best Practices in the Oil Industry. In the absence of specific regulation, the term for submission decommissioning of the Facility Decommissioning Program shall not be lower facilities, within no less than two three hundred and sixty-five (2365) years days before the expected end of the Production. In case ANP requests additional information and for additional measures to be taken, the Consortium Members shall have sixty one hundred and eighty (60180) days, of other term to be defined at ANP’s discretion, days of the date of receipt of the notice Facility Decommissioning Program to approve it or request the Consortium Members to make the modifications it deems applicable. If ANP requests modifications, the Consortium Members shall have a term of up to sixty (60) days of receipt of notification to submit itthem, thus repeating the procedure provided for in paragraph 14.5. The activities provided for in the Facility Decommissioning Program may only start upon ANP’s express authorization by ANPauthorization. At the time of the approval of the Facility Decommissioning Program, ANP may indicate which properties shall be inure to the benefit of the Federal Government, under the Applicable Laws and Regulations, and establish determine that the Consortium Members neither proceed to permanently abandon do not plug certain xxxxx nor or decommission or remove certain facilities and equipment, without prejudice to its right to return the area. This Agreement shall only be terminated for a certain Development Area or Field after compliance with the relevant Facility Decommissioning Program and approval of the Final Report on Decommissioning of the Facilities approved by ANP, with immediate relinquishment of the relevant area. In case the Facility Decommissioning Program indicates a prospect of additional Production after the end of the effectiveness of the Agreement, the Contracting Party may, based on ANP’s opinion, determine the actions for ensuring continuity of the Production Operations. In this caseUpon occurrence of the provisions in paragraph 14.8, the Operator shall propose to the Operating Committee an operational continuity plan, which shall include: the assignment of agreements with suppliers of the Consortium; the possibility of acquiring properties having a which useful life greater than extends beyond the effectiveness of the Agreement.