Common use of Table of Competences and Resolutions Clause in Contracts

Table of Competences and Resolutions. Item Resolutions Decision 1 Commercial Feasibility of the Deposit D4 2 Development Plan and its revisions D1 3 Production Individualization Agreement D1 4 Termination of the Production Sharing Agreement D2 5 Oil or Gas Availability Agreement D3 9 Accounting of expenditures incurred D3 10 Authorization for Expenditures D3 11 Contracting of goods and services, pursuant to paragraphs 3.24 to 3.31 D3 13 Preparation and Change in the Internal Regulation of the Operating Committee D3 14 Other matters of its competence D3 15 Early end of the Exploration Phase D2 16 Discovery Assessment Plan and its revisions D4, D3* 17 Exploration Plan and its revisions D4, D3* 18 Acquisition of geological and geophysical data D4, D3* 19 Partial relinquishment of the Contract Areas, including assessment of the respective relinquishment report D2 20 Request for extension of the Exploration Phase D4, D3* 21 Other matters related to the Exploration Phase that may be resolved upon until, and including, submission of a Discovery Assessment Plan D4 * Decisions that, when made until submission of a Discovery Assessment Plan to the Operating Committee, are subject to resolution D3 and, when made after submission of a Discovery Assessment Plan to the Operating Committee, are subject to resolution D4. In resolutions D4, the chairman of the Operating Committee may exercise his/her veto power as of the moment in which a Discovery Assessment Plan is submitted to the Operating Committee. In case the chairman of the Operating Committee exercises his/her veto power, a new meeting shall be called to resolve upon the rejected matter, pursuant to the Internal Regulation of the Operating Committee. In any type of decision, the Consortium Members voting against the approval of the matter shall submit to the others, in up to five (5) days, a report presenting the reasons of their vote. When the proposals do not obtain the minimum resolution percentage for approval in the scope of the Consortium, the Operator shall prepare a new proposal, necessarily taking into account, when preparing it, the considerations of the Consortium Members who voted against the original proposal. The new proposal must be available for the Consortium Members within fifteen (15) days of the disapproval of the matter and shall be voted within fifteen (15) days of the date of such availability, unless other terms are established in the Internal Regulation of the Operating Committee. The term for submission and vote of the new proposal may be reviewed by the Operating Committee. In case the new proposal does not obtain the minimum resolution percentage either, the Exploration Officers, or their equivalent, of each Consortium Member shall meet to examine the matter within ten (10) days of the last voting date, unless other terms are established in the Internal Regulation of the Operating Committee. In case the new proposal does not obtain the minimum resolution percentage either, the matter may: be considered rejected; be submitted as Operation with Exclusive Risk, as long as it complies with the provision in paragraph Erro! Fonte de referência não encontrada.; undergo the procedure provided for in Section Thirty-Six of the Agreement; or be approved by at least the vote of the Manager, plus the simple majority of the Contractors, in the events the matter is about an obligation with term determined by ANP. Postal voting In cases in which the resolution needs to be made soon or for convenience of the Consortium Members, the decision may be made through postal voting, under the terms of the notice sent by the secretary of the Operating Committee to the other Consortium Members. Email shall also be considered a form of correspondence, as long as information security is ensured. Any Consortium Member may, upon justification, request postal voting to the other Consortium Members. The request for postal voting shall contain a detailed description on the matter, with technical and financial information necessary for its proper analysis and resolution. The untimely vote of any Consortium Member shall be deemed abstention, as long as opposed by a Consortium Member. Voting effects The resolutions of the Operating Committee bind all Consortium Members, except for cases in which a certain proposal not approved by the Operating Committee is undertaken by the Contractor as Operations with Exclusive Risks.