Common use of Terms for Crude Oil Clause in Contracts

Terms for Crude Oil. (a) If the Crude Oil requirements of the domestic market in Guyana (the "Crude Oil Domestic Demand") exceed the Minister's total entitlement from all Crude Oil production in Guyana, then the Contractor shall be obliged together with any third parties which produce Crude Oil in Guyana, to supply and sell a volume of Crude Oil to be used for such Crude Oil requirements in Guyana, calculated on the basis of the ratio which the Contractor's Lifting Entitlement of Crude Oil bears to the sum of the Contractor's Lifting Entitlement to Crude Oil plus the total entitlement of all other producers in Guyana subject to Article 23.1(c). The volume of Crude Oil which the Contractor shall be required to sell under this Article shall not exceed the Contractor's share of Oil entitlement under this agreement. The Minister shall give the Contractor notice on or prior to April l of the year preceding the Calendar Year in which the Government will have the said requirement and the term of the supply shall be on a Calendar Year basis unless otherwise agreed. For the purpose of this Agreement, Crude Oil Domestic Demand shall consist of those quantities of Crude Oil (i) used to produce refined products or petrochemicals in Guyana for end use by business and residential consumers in Guyana, or (ii) used to produce power in Guyana for end use by business and residential customers in Guyana, the amounts for which shall be based upon independent, verifiable government statistics. Crude Oil, refined products, petrochemicals or fuel for power generation that are exported from Guyana shall not be considered part of Crude Oil Domestic Demand. (b) The Contractor shall, in any Year, have a right to supply out of the Contractor's Lifting Entitlement of Crude Oil the proportion of the Crude Oil requirements of Guyana that the quantity produced from the Contract Area bears to the total production at the time in Guyana to the extent that such requirement is not satisfied from any contract entered into prior to the date of commencement of production from the Contract Area. For the purpose of this paragraph, the term "the Crude Oil requirements of Guyana" means the amount by which, in any Year, Crude Oil Domestic Demand exceeds the Minister's total entitlement to all Crude Oil produced in Guyana. The Contractor shall give the Minister notice on or prior to April 1 of the Calendar Year preceding the Calendar Year in respect of which the Contractor wishes to exercise the aforesaid right and the term of the supply shall be on a Calendar Year basis unless otherwise agreed. Notwithstanding the foregoing the Contractor shall have the right to supply the total amount calculated pursuant to the foregoing provisions. (c) The price payable for the sale of Crude Oil pursuant to this Article shall be paid in United States dollars (or other currency as may be agreed) at a place specified by the Contractor within thirty (30) days of receipt of the Contractor's invoice by the Minister, and shall be determined in accordance with Article 36, failing which the Contractor's obligations in respect of the Domestic Supply Obligations of this Article 23 shall be suspended until payment is made good, at which time deliveries shall be resumed subject to any alternative commitments that may have been reasonably entered into by the Contractor to dispose of the Crude Oil during the period of default in payment. The Contractor shall recover any amount due and unpaid by the Government, plus interest at the Agreed Interest Rate, from the Government’s Lifting Entitlement of Crude Oil. (d) Any sale of Crude Oil as provided for in Article 23.1(a) - (c) shall occur at the Delivery Point or such other point as the Minister and the Contractor may mutually agree. (e) All terms and conditions for the sale of Crude Oil pursuant to this Article, shall be specified in a contract of sale entered into between the Minister and the Contractor.

Terms for Crude Oil. (a) If the Crude Oil requirements of the domestic market in Guyana (the "Crude Oil Domestic Demand") exceed the Minister's total entitlement from all Crude Oil production in Guyana, then the Contractor shall be obliged together with any third parties which produce Crude Oil in Guyana, to supply and sell a volume of Crude Oil to be used for such Crude Oil requirements in Guyana, calculated on the basis of the ratio which the Contractor's Lifting Entitlement of Crude Oil bears to the sum of the Contractor's Lifting Entitlement to Crude Oil plus the total entitlement of all other producers in Guyana subject to Article 23.1(c). The volume of Crude Oil which the Contractor shall be required to sell under this Article shall not exceed the Contractor's share of Oil entitlement under this agreement. The Minister shall give the Contractor notice on or prior to April l 1st of the year preceding the Calendar Year in which the Government will have the said requirement and the term of the supply shall be on a Calendar Year basis unless otherwise agreed. For the purpose of this Agreement, Crude Oil Domestic Demand shall consist of those quantities of Crude Oil (i) used to produce refined products or petrochemicals in Guyana for end use by business and residential consumers in Guyana, or (ii) used to produce power in Guyana for end use by business and residential customers in Guyana, the amounts for which shall be based upon independent, verifiable government statistics. Crude Oil, refined products, petrochemicals or fuel for power generation that are exported from Guyana shall not be considered part of Crude Oil Domestic Demand. (b) The Contractor shall, in any Year, have a right to supply out of the Contractor's Lifting Entitlement of Crude Oil the proportion of the Crude Oil requirements of Guyana that the quantity produced from the Contract Area bears to the total production at the time in Guyana to the extent that such requirement is not satisfied from any contract entered into prior to the date of commencement of production from the Contract Area. For the purpose of this paragraph, the term "the Crude Oil requirements of Guyana" means the amount by which, in any Year, Crude Oil Domestic Demand exceeds the Minister's total entitlement to all Crude Oil produced in Guyana. The Contractor shall give the Minister notice on or prior to April 1 1st of the Calendar Year preceding the Calendar Year in respect of which the Contractor wishes to exercise the aforesaid right and the term of the supply shall be on a Calendar Year basis unless otherwise agreed. Notwithstanding the foregoing the Contractor shall have the right to supply the total amount calculated pursuant to the foregoing provisions. (c) The price payable for the sale of Crude Oil pursuant to this Article shall be paid in United States dollars (or other currency as may be agreed) at a place specified by the Contractor within thirty (30) calendar days of receipt of the Contractor's invoice by the Minister, and shall be determined in accordance with Article 36, failing which the Contractor's obligations in respect of the Domestic Supply Obligations of this Article 23 shall be suspended until payment is made good, at which time deliveries shall be resumed subject to any alternative commitments that may have been reasonably entered into by the Contractor to dispose of the Crude Oil during the period of default in payment. The Contractor shall recover any amount due and unpaid by the Government, plus interest at the Agreed Interest Rate, from the Government’s Lifting Entitlement of Crude Oil. (d) Any sale of Crude Oil as provided for in Article 23.1(a) - (c) shall occur at the Delivery Point or such other point as the Minister and the Contractor may mutually agree. (e) All terms and conditions for the sale of Crude Oil pursuant to this Article, shall be specified in a contract of sale entered into between the Minister and the Contractor.

Terms for Crude Oil. (a) If the Crude Oil requirements of the domestic market in Guyana (the "Crude Oil Domestic Demand") exceed the Minister's total entitlement from all Crude Oil production in Guyana, then the Contractor shall be obliged together with any third parties which produce Crude Oil in Guyana, to supply and sell a volume of Crude Oil to be used for such Crude Oil requirements in Guyana, calculated on the basis of the ratio which the Contractor's Lifting Entitlement of Crude Oil bears to the sum of the Contractor's Lifting Entitlement to Crude Oil plus the total entitlement of all other producers in Guyana subject to Article 23.1(c24.1(c). The volume of Crude Oil which the Contractor shall be required to sell under this Article shall not exceed the Contractor's share of Oil entitlement under this agreementProfit Oil. The Minister shall give the Contractor notice on or prior to April l of the year preceding the Calendar Year in which the Government will have the said requirement and the term of the supply shall be on a Calendar Year basis unless otherwise agreed. For the purpose of this Agreement, Crude Oil Domestic Demand shall consist of those quantities of Crude Oil (i) used to produce refined products or petrochemicals in Guyana for end use by business and residential consumers in Guyana, or (ii) used to produce power in Guyana for end use by business and residential customers in Guyana, the amounts for which shall be based upon independent, verifiable government statistics. Crude Oil, refined products, petrochemicals or fuel for power generation that are exported from Guyana shall not be considered part of Crude Oil Domestic Demand. (b) The Contractor shall, in any Year, have a right to supply out of the Contractor's Lifting Entitlement of Crude Oil the proportion of the Crude Oil requirements of Guyana that the quantity produced from the Contract Area bears to the total production at the time in Guyana to the extent that such requirement is not satisfied from any contract entered into prior to the date of commencement of production from the Contract Area. For the purpose of this paragraph, the term "the Crude Oil requirements of Guyana" means the amount by which, in any Year, Crude Oil Domestic Demand exceeds the Minister's total entitlement to all Crude Oil produced in Guyana. The Contractor shall give the Minister notice on or prior to April 1 l of the Calendar Year preceding the Calendar Year in respect of which the Contractor wishes to exercise the aforesaid right and the term of the supply shall be on a Calendar Year basis unless otherwise agreed. Notwithstanding the foregoing the Contractor shall have the right to supply the total amount calculated pursuant to the foregoing provisions. (c) The price payable for the sale of Crude Oil pursuant to this Article shall be paid in United States dollars (or other currency as may be agreed) at a place specified by the Contractor within thirty (30) days of receipt of the Contractor's invoice by the Minister, and shall be determined in accordance with Article 3637, failing which the Contractor's obligations in respect of the Domestic Supply Obligations of this Article 23 24 shall be suspended until payment is made good, at which time deliveries shall be resumed subject to any alternative commitments that may have been reasonably entered into by the Contractor to dispose of the Crude Oil during the period of default in payment. The Contractor shall recover any amount due and unpaid by the Government, plus interest at the Agreed Interest Rate, from the Government’s Governments Lifting Entitlement of Crude Oil. (d) Any sale of Crude Oil as provided for in Article 23.1(a24.1(a) - (c) shall occur at the Delivery Point or such other point as the Minister and the Contractor may mutually agree. (e) All terms and conditions for the sale of Crude Oil pursuant to this Article, shall be specified in a contract of sale entered into between the Minister and the Contractor.

Terms for Crude Oil. (a) If the Crude Oil requirements of the domestic market in Guyana (the "“Crude Oil Domestic Demand"”) exceed the Minister's total entitlement from all Crude Oil production in Guyana, then the Contractor shall be obliged together with any third parties which produce Crude Oil in Guyana, to supply and sell a volume of Crude Oil to be used for such Crude Oil requirements in Guyana, calculated on the basis of the ratio which the Contractor's Lifting Entitlement of to Crude Oil bears to the sum of the Contractor's Lifting Entitlement to Crude Oil entitlement plus the total entitlement of all other producers in Guyana subject to Article 23.1(c17.1(c). The volume of Crude Oil which the Contractor shall be required to sell under this Article shall not exceed the Contractor's share of Oil entitlement under this agreementProfit Petroleum. The Minister shall give the Contractor notice on or prior to April l 1 of the year preceding the Calendar Year in which the Government will have the said requirement and the term of the supply shall be on a Calendar Year basis unless otherwise agreed. For the purpose of this Agreement, Crude Oil Domestic Demand shall consist of those quantities of Crude Oil (i) used to produce refined products or petrochemicals in Guyana for end use by business and residential consumers in Guyana, or (ii) used to produce power in Guyana for end use by business and residential customers in Guyana, the amounts for which shall be based upon independent, verifiable government statistics. Crude Oil, refined products, petrochemicals or fuel for power generation that are exported from Guyana shall not be considered part of Crude Oil Domestic Demand. (b) The Contractor shall, in any Year, have a right to supply out of the Contractor's Lifting Entitlement of Crude Oil the proportion of the Crude Oil requirements of Guyana that the quantity produced from the Contract Area bears to the total production at the time in Guyana to the extent that such requirement is not satisfied from any contract entered into prior to the date of commencement of production from the Contract Area. For the purpose of this paragraph, the term "“the Crude Oil requirements of Guyana" ” means the amount by which, in any Year, Crude Oil Domestic Demand exceeds the Minister's total entitlement to all Crude Oil produced in Guyana. The Contractor shall give the Minister notice on or prior to April 1 of the Calendar Year preceding the Calendar Year in respect of which the Contractor wishes to exercise the aforesaid right and the term of the supply shall be on a Calendar Year basis unless otherwise agreed. Notwithstanding the foregoing the Contractor shall have the right to supply the total amount calculated pursuant to the foregoing provisions. (c) The price payable for the sale of Crude Oil pursuant to this Article shall be paid in United States dollars (or other currency as may be agreed) at a place specified by the Contractor within thirty (30) days of receipt of the Contractor's invoice by the Minister, and shall be determined in accordance with Article 3613, failing which the Contractor's ’s obligations in respect of the Domestic Supply Obligations of this Article 23 17 shall be suspended until payment is made good, at which time deliveries shall be resumed subject to any alternative commitments that may have been reasonably entered into by the Contractor to dispose of the Crude Oil during the period of default in payment. The Contractor shall recover any amount due and unpaid by the Government, plus interest at the Agreed Interest Rate, from the Government’s Governments Lifting Entitlement of Crude Oil. (d) Any sale of Crude Oil as provided for in Article 23.1(a17.1(a) - (c) shall occur at the Delivery Point or such other point as the Minister and the Contractor may mutually agree. (e) All terms and conditions for the sale of Crude Oil pursuant to this Article, shall be specified in a contract of sale entered into between the Minister and the Contractor.