Social Projects. The Contractor commits to undertake social projects during each phase of the Exploration Period valued at a minimum of the amounts below: - Phase I: Three Hundred Thousand United States dollars per year (U.S $300,000) for a total of Xxx Xxxxxxx Xxx Xxxxxxx Xxxxxxxx Xxxxxx Xxxxxx dollars (U.S $1,200,000); - Xxxxx XX: Xxxx Xxxxxxx Xxxxxxxx Xxxxxx Xxxxxx dollars per year (U.S $500,000) for a total of One Million United States dollars ((U.S $1,000,000); - Phase III: Four Hundred Thousand United States dollars per year (U.S $ 400,000) for a total of Eight Hundred Thousand United States dollars (U.S $800,000). If Petroleum is produced from the Contract Area, the Contractor shall undertake additional social projects according to the following schedule: Cumulative Production (millions of Barrels or Barrels equivalent) Value (US$ million) of Project
Social Projects. The Contractor commits to undertake social projects during the Exploration Period valued at US$17,000,000 (seventeen million United States dollars), capped at US$15,000,000 (fifteen million United States dollars) in the Exploration Phase I, US$1,000,000 (one million United States dollars) in Exploration Phase II and US$1,000,000 (one million United States dollars) in Exploration Phase III. If Petroleum is produced from the Contract Area, the Contractor shall undertake additional social projects according to the following schedule: Cumulative Production (millions of Barrels or Barrels equivalent) Value (US$ million) of Project 20 2.5 40 5.0
Social Projects. If the Contractor funds any social projects outside of those approved in an Annual Budget such costs shall not be recoverable as a Petroleum Operations Cost. Given that Equatoguinean civil society is a part of the local content in oil and gas contracts, the Contractor shall commit one hundred thousand Dollars ($100,000) per Calendar Year during the Exploration Period and shall commit four hundred fifty thousand Dollars ($450,000) per Calendar Year during the Development and Production Period, to cooperate with non-governmental organizations in charitable works to develop society, sport activities and health programs to fight and prevent disease, as well as other non-profit related activities. The above costs will be recoverable as a Petroleum Operations Cost in accordance with the provisions of this Contract.
Social Projects. The Contractor commits to undertake social projects during each phase of the Exploration Period valued at a minimum of the amounts below: - Phase I: Xxx Xxxxxxx Xxxxx Xxxxxxxx Xxxxxx Xxxxxx dollars per year (U.S $150,000) for a total of Six Hundred Thousand United States dollars (U.S $600,000); - Phase II: Two Hundred Thousand United States dollars per year (U.S $200,000) for a total of Four Hundred Thousand United States dollars (U.S $400,000);
Social Projects. Contractor shall commit Seven Hundred and Fifty Thousand United States Dollars (US$750,000) each Calendar Year to cooperate with non-governmental organisations in charitable works to develop society, sports activities and health programs to fight and prevent disease, as well as other non-profit related activities. The sums paid by CONTRACTOR Exhibit 10.22 pursuant to this Article 6.6 will be tax deductible and cost recoverable as Petroleum Operations Expenditures in accordance with the provisions of the Contract."
