SHARING OF PROFIT PETROLEUM Sample Clauses

SHARING OF PROFIT PETROLEUM. 26.1 Under this Contract,
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SHARING OF PROFIT PETROLEUM. 24.1 The Profit Petroleum is the quantity of Available Liquid Petroleum and Available Natural Gas obtained, after deduction of the quantity of Liquid Petroleum and Natural Gas allocated to recover the Petroleum Costs, as provided in Article 23. 24.2 The Liquid Petroleum portion of Profit Petroleum shall be shared between OMNIS and the Participants according to their share and according to the daily mean volume calculated on a monthly basis of Liquid Petroleum extracted from the reservoirs within the Contract Area in accordance with the table below: Government’s Portion Participants’ Portion less than bpd … % ….% equal to or greater than ……………………….bpd and less than ……………………….bpd …. % ….. % equal to or greater than ……………………bpd and less than ………………………..bpd …. % …. % Equal to or grater than ……………………bpd and less than ………………………..bpd …. % …. % Equal to or grater than ………………………..bpd …. % …. % 24.3 The Natural Gas portion of Profit Petroleum shall be shared between OMNIS and the Participants according to their share and according the daily mean volume calculated on a monthly basis of Natural Gas extracted from the reservoirs within the Contract Area in accordance with the table below: Government’s Portion Participants’ Portion less than Scm … % ….% equal to or greater than ………………….Scm and less than ………………………Scm …. % ….. % equal to or greater than …………………..Scm and less than ……………………Scm …. % …. % Equal to or grater than ………………….Scm and less than …………………….Scm …. % …. % Equal to or grater than …………………….Scm …. % …. % 24.4 Participants shall have right to take, to deliver and to export freely his part of Profit Petroleum according to the PSC and to keep overseas his sales revenues of the aforesaid Profit Petroleum. 24.5 The quantity of Profit Petroleum and Cost Petroleum shall be transported until the Delivery Point, offshore and onshore, its preservation and storage shall be assured by the Operator. Title to, risk and liability related to the said quantity of Petroleum shall be transferred at the Delivery Point. 24.6 No later than twenty-one (21) days before the date of the start of extraction of Petroleum from a reservoir and no later than thirty (30) days before the beginning of each Quarter, Operator shall prepare and deliver to the Parties a Production program with a Production estimate for the next Quarter and the evaluation of the quantities of Petroleum returned to each Party during the same Quarter. 24.7 Operator shall within sixty (60) days following the end of...
Sample 1

Related to SHARING OF PROFIT PETROLEUM

  • Allocation of Profits Profits for any Year shall be allocated in the following order and priority: (i) First, to any Partner who was allocated Losses after the Capital Account of any other Partner was reduced to zero (0), to the extent of such Losses; provided, however, that in the event that the foregoing applies to more than one Partner, to those Partners pro rata according to the amount of such Losses allocated to each; and (ii) Second, to the Partners in accordance with their relative Percentage Interests.

  • Allocation of Profit or Loss All Profit or Loss shall be allocated to the Member.

  • Sharing of Earnings The Borrower shall procure that no Owner shall: (a) enter into any agreement or arrangement for the sharing of any Earnings; (b) enter into any agreement or arrangement for the postponement of any date on which any Earnings are due; the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of that Owner to any Earnings; or (c) enter into any agreement or arrangement for the release of, or adverse alteration to, any guarantee or Security Interest relating to any Earnings.

  • Allocation of Profit and Loss Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Sharing of Overtime Overtime work shall be allocated equitably to qualified employees considering their availability and location.

  • Allocations of Profits and Losses Except as otherwise provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after giving effect to the Special Allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article IV if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. For purposes of this Article V, each Unvested Unit shall be treated as a Vested Unit. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the Partnership.

  • Distribution of Profits Any and all net income accruing to the Joint Venture shall be distributed equally to the Parties.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • PROFITS/LOSSES For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

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