Common use of The Market Price Clause in Contracts

The Market Price. applicable to all liftings of Crude Oil sold to a Contractor’s Affiliate after having set a quoted price during a Quarter will be calculated by summing up the average of high and low quotes for Dated Xxxxx according to the data published in the five (5) consecutive issues of the Platts Bulletin for the Crude Oil Market (including all corrections) posterior to the lifting informed date and the differential average between the sold Crude Oil and the Dated Xxxxx one as published in the Platts Crude for the period starting on the fifteenth day (15th) day and ends on the last day of the Month of the Load Commercialization (inclusive). This is given by the following formula; Price = A+ B, where: A= average o the high and low quotes of Xxxxx Dating according to the according to the data published in the five (5) consecutive issues of the Platts Bulletin for the Crude Oil Market (including all corrections) posterior to the lifting informed date. B= differential average between the quality of the sold Crude Oil and the Dated Xxxxx as published in the Plaits Crude for the period starting on the fifteenth day (15th) day and ends on the last day of the Month of the Load Commercialization (inclusive). Should the qualities of the Crude Oil produced from the Field not correspond_ within tolerable bounds, a “C” adjustment will be created to bear in mind the differentials associated with the qualities that do not coincide with A and B. In such case, the Market Price formula will be modified as follows: Price = A +B +C Should the used Crude Oil stop being quoted to calculate the Market Price, the Ministry and the Contractor shall agree upon the Crude Oil which most closely resembles the Crude Oil whose prices are no longer quoted, in order to calculate the Market Price.

The Market Price. applicable to all liftings of Crude Oil sold to a Contractor’s Affiliate after having set a quoted price during a Quarter will be calculated by summing up the average of high and low quotes for Dated Xxxxx according to the data published in the five (5) consecutive issues of the Platts Bulletin for the Crude Oil Market (including all corrections) posterior to the lifting informed date and the differential average between the sold Crude Oil and the Dated Xxxxx one as published in the Platts Crude for the period starting on the fifteenth day (15th) day and ends on the last day of the Month of the Load Commercialization (inclusive). This is given by the following formula; : Price = A+ B, where: A= average o the high and low quotes of Xxxxx Dating according to the according to the data published in the five (5) consecutive issues of the Platts Bulletin for the Crude Oil Market (including all corrections) posterior to the lifting informed date. B= differential average between the quality of the sold Crude Oil and the Dated Xxxxx as published in the Plaits Platts Crude for the period starting on the fifteenth day (15th) day and ends on the last day of the Month of the Load Commercialization (inclusive). Should the qualities of the Crude Oil produced from the Field not correspond_ , within tolerable bounds, a “C” adjustment will be created to bear in mind the differentials associated with the qualities that do not coincide with A and B. In such case, the Market Price formula will be modified as follows: Price = =A +B +C Should the used Crude Oil stop being quoted to calculate the Market Price, the Ministry and the Contractor shall agree upon the Crude Oil which most closely resembles the Crude Oil whose prices are no longer quoted, in order to calculate the Market Price.

The Market Price. applicable to all liftings of Crude Oil liftings sold to a Contractor’s 's Affiliate after having set a quoted price during a has been established for one Quarter will be calculated by summing up adding the average of the high and low quotes for Dated Xxxxx quotes according to the data published publication in the five (5) consecutive issues editions of the Platts Bulletin for of the Crude Oil Market crude oil market (including all corrections) posterior after the date of the shipment's bill of lading to the lifting informed date and the average differential average between the sold Crude Oil sold and the Dated Xxxxx one as quotes that are published in the Platts Argus Crude Report for the period starting on beginning the fifteenth day (15th) day and ends on ending the last day of the Month of the Load Commercialization cargo's marketing (inclusive). This is given by expressed in the following formula; : Price = A+ A + B, where: A= A = average o of the high and low quotes of Dated Xxxxx Dating quotes, according to the according to the data published publication in the five (5) consecutive issues editions of the Platts Bulletin for of the Crude Oil Market crude oil market (including all corrections) posterior to after the lifting informed datedate of the bill of lading. B= B = average differential average between the quality of the sold Crude Oil sold and the Dated Xxxxx as quotes published in the Plaits Argus Crude Report for the period starting on beginning the fifteenth day (15th) day and ends on ending the last day of the Month of the Load Commercialization cargo's marketing (inclusive). Should If the qualities of the Crude Oil produced from the Field do not correspond_ , within tolerable boundslimits, a “'C” ' adjustment will be created to bear in mind that takes into account the differentials differences associated with the those qualities that do not coincide with A and B. In such this case, the Market Price formula will be modified amended as follows: Price = A ++ B ++ C Should If the used Crude Oil stop being quoted used to calculate the Market PricePrice is no longer quoted, the Ministry and the Contractor shall will agree upon on which Crude Oil is closest to the Crude Oil which most closely resembles the Crude Oil whose prices are that is no longer quoted, in order to calculate the Market Price.

The Market Price. applicable to all liftings of Crude Oil sold to a Contractor’s Affiliate after having set a quoted price during a Quarter will be calculated by summing up the average of high and low quotes for Dated Xxxxx according to the data published in the five (5) consecutive issues of the Platts Bulletin for the Crude Oil Market (including all corrections) posterior to the lifting informed date and the differential average between the sold Crude Oil and the Dated Xxxxx one as published in the Platts Plaits Crude for the period starting on the fifteenth day (15th) day and ends on the last day of the Month of the Load Commercialization (inclusive). This is given by the following formula; : Price = A+ B, where: A= average o the high and low quotes of Xxxxx Dating according to the according to the data published in the five (5) consecutive issues of the Platts Bulletin for the Crude Oil Market (including all corrections) posterior to the lifting informed date. B= differential average between the quality of the sold Crude Oil and the Dated Xxxxx as published in the Plaits Crude for the period starting on the fifteenth day (15th) day and ends on the last day of the Month of the Load Commercialization (inclusive). Should the qualities of the Crude Oil produced from the Field not correspond_ . within tolerable bounds, a “C” adjustment will be created to bear in mind the differentials associated with the qualities that do not coincide with A and B. In such case, the Market Price formula will be modified as follows: Price = A ++ B ++ C Should the used Crude Oil stop being quoted to calculate the Market Price, the Ministry and the Contractor shall agree upon the Crude Oil which most closely resembles the Crude Oil whose prices are no longer quoted, in order to calculate the Market Price.