Results of Test. Data, information, results, interpretations, models of static and dynamic Reservoirs, and the flow regimes obtained from formation tests, Extended Well Tests, or Early Production Systems during execution of the Operations of this Agreement shall be submitted to ANP and the Manager immediately after their obtaining or completion or within the term defined in the Applicable Laws and Regulations. Information shall also contemplate the volumes of Oil, Gas, and water produced. For Extended Well Tests, the information shall be submitted to ANP in accordance with the frequency established in the approved Discovery Assessment Plans. The Production and transportation arising from Extended Well Tests and Early Production Systems shall be reported through the monthly Production Report. The Cost Oil for the Extended Well Tests shall be recovered only in case of Commercial Discovery. Royalties are payable due to the Production of Oil and Gas arising from Extended Well Tests. The original acquisition by the Contractor of the Production volume corresponding to the due Royalties, in case of Extended Well Tests, shall occur in the Production Phase, as the case may be. Oil and Gas losses occurred under the responsibility of the Contractor, as well as burning of Natural Gas in flares, shall be deducted from the share of the Profit Oil to which the Contractor is entitled after the Production Sharing. Burning of Natural Gas in flares shall only be allowed for reasons of safety, emergency, and commissioning, and the maximum volume is specified in the Applicable Laws and Regulations.
Appears in 5 contracts
Samples: Production Sharing Agreement, Production Sharing Agreement, Production Sharing Agreement
