Common use of Start and Duration Clause in Contracts

Start and Duration. The Production Phase of each Development Area shall begin on the date of submission of the Declaration of Commercial Feasibility and shall last for twenty-seven (27) years. The provisions of this Section regarding extension or termination of this Agreement apply to each Development Area or Field, on an individual basis. Extension at the Concessionaire’s request The Concessionaire may apply for extension of the term provided for in paragraph 9.1 upon submission of a request to ANP, together with a reviewed Development Plan, at least twenty-four (24) months before the end of such term. ANP shall answer the request for review of the Development Plan and extension of the Production Phase within no more than one hundred and eighty (180) days, and it may refuse the Concessionaire’s proposal or subject it to changes in the reviewed Development Plan, as long as justified. Extension by determination of ANP ANP may request the Concessionaire to proceed with the Field Operation upon a minimum two hundred seventy (270)-day notice of the expected end of the Production. ANP’s request may be refused only upon justification based on evidenced non-cost-effectiveness, among other reasons. In case of refusal by the Concessionaire, ANP shall have sixty (60) days of receipt of the justification to analyze the arguments presented and resolve upon the matter. After ninety (90) days of ANP’s proposal, the absence of the Concessionaire’s reply shall be deemed implied acceptance. The Agreement shall be extended for the additional time indicated by ANP. Consequence of the Extension If case of extension of the Production Phase, under paragraphs 9.3 or 9.4, the Parties shall remain bound by the exact terms and conditions of this Agreement, except for, exclusively, any amendments agreed due to and for the purposes of such extension. At the end of the Production Phase, paragraphs 9.3 or 9.4 shall apply for the purposes of a possible new extension, as appropriate.

Start and Duration. The Production Phase of each Development Area shall begin on the date of submission of the Declaration of Commercial Feasibility and shall last for twenty-seven (27) years. The provisions of this Section section regarding extension or termination of this Agreement apply to each Development Area or Field, Field on an individual basis. Extension at the Concessionaire’s request The Concessionaire may apply for extension of the term provided for in paragraph 9.1 upon submission of a request to ANP, together with a reviewed revised Development Plan, at least twenty-four (24) months before the end of such term. ANP shall answer the request for review revision of the Development Plan and extension of the Production Phase within no more than one hundred and eighty (180) days, and it may reasonably refuse the Concessionaire’s proposal or subject it to suggest changes in the reviewed revised Development Plan, as long as justified. Extension by determination of ANP ANP may request the Concessionaire to proceed with the Field Operation upon a minimum two hundred seventy (270)-day notice of the expected end of the Production. ANP’s request may only be refused only upon justification based on supported by evidenced non-cost-effectiveness, among other reasons. In case of refusal by the Concessionaire, ANP shall have sixty (60) days of receipt of the justification to analyze review the arguments presented and resolve upon the matter. After ninety (90) days of ANP’s proposal, the absence of the Concessionaire’s failure to reply shall be deemed implied acceptance. The Agreement shall be extended for the additional time indicated by ANP. Consequence of the Extension If case of extension of the Production Phase, under paragraphs 9.3 or 9.4, the Parties shall remain bound by the exact terms and conditions of this Agreement, except for, exclusively, any amendments agreed due to and for the purposes of such extension. At the end of the Production Phase, paragraphs 9.3 or 9.4 shall apply for the purposes of a possible new extension, as appropriate.

Start and Duration. The Production Phase of each Development Area shall begin on the date of submission of the Declaration of Commercial Feasibility and shall last for twenty-seven (27) years. The provisions of this Section section regarding extension or termination of this Agreement apply to each Development Area or Field, on an individual basis. Extension at the Concessionaire’s request The Concessionaire may apply for extension of the term provided for in paragraph 9.1 upon submission of a request to ANP, together with a reviewed Development Plan, at least twenty-four (24) months before the end of such term. ANP shall answer the request for review of the Development Plan and extension of the Production Phase within no more than one hundred and eighty (180) days, and it may refuse the Concessionaire’s proposal or subject it to changes in the reviewed Development Plan, as long as justified. Extension by determination of ANP ANP may request the Concessionaire to proceed with the Field Operation upon a minimum two hundred seventy (270)-day notice of the expected end of the Production. ANP’s request may be refused only upon justification based on evidenced non-cost-effectiveness, among other reasons. In case of refusal by the Concessionaire, ANP shall have sixty (60) days of receipt of the justification to analyze the arguments presented and resolve upon the matter. After ninety (90) days of ANP’s proposal, the absence of the Concessionaire’s reply shall be deemed implied acceptance. The Agreement shall be extended for the additional time indicated by ANP. Consequence of the Extension If case of extension of the Production Phase, under paragraphs 9.3 or 9.4, the Parties shall remain bound by the exact terms and conditions of this Agreement, except for, exclusively, any amendments agreed due to and for the purposes of such extension. At the end of the Production Phase, paragraphs 9.3 or 9.4 shall apply for the purposes of a possible new extension, as appropriate.

Start and Duration. The Production Phase of each Development Area shall begin on the date of submission of the Declaration of Commercial Feasibility and shall last for twenty-seven (27) years. The provisions of this Section 9 regarding extension or termination of this Agreement apply to each Development Area or Field, on an individual basis. Extension at the Concessionaire’s request The Concessionaire may apply for extension of the term provided for in paragraph 9.1 upon submission of a request to ANP, together with a reviewed Development Plan, at least twenty-four (24) months before the end of such term. ANP shall answer the request for review of the Development Plan and extension of the Production Phase within no more than one hundred and eighty (180) days, and it may refuse the Concessionaire’s proposal or subject it to changes in the reviewed Development Plan, as long as justified. Extension by determination of ANP ANP may request the Concessionaire to proceed with the Field Operation upon a minimum two hundred seventy (270)-day notice of the expected end of the Production. ANP’s request may be refused only upon justification based on evidenced non-cost-effectiveness, among other reasons. In case of refusal by the Concessionaire, ANP shall have sixty (60) days of receipt of the justification to analyze the arguments presented and resolve upon the matter. After ninety (90) days of ANP’s proposal, the absence of the Concessionaire’s reply shall be deemed implied acceptance. The Agreement shall be extended for the additional time indicated by ANP. Consequence of the Extension If case of extension of the Production Phase, under paragraphs 9.3 or 9.4, the Parties shall remain bound by the exact terms and conditions of this Agreement, except for, exclusively, any amendments agreed due to and for the purposes of such extension. At the end of the Production Phase, paragraphs 9.3 or 9.4 shall apply for the purposes of a possible new extension, as appropriate.. Relinquishment of the Field The Field shall be relinquished to ANP at the expected end of the Production. The Concessionaire must submit to the ANP, up to 36 (thirty-six) months before the end of the term of the Agreement or the estimated exhaustion of commercially extractable volumes, whichever occurs first, a report with information on: