UNITISATION. (1) Where the recoverable reserves of a Commercial Discovery extend into an area adjacent to the Contract Area, the Minister may require the Contractor to produce Petroleum therefore in co-operation with the Contractor of the adjacent area. Where non- commercial deposits of Petroleum in the Contract Area if exploited with deposits in an area adjacent to the Contract Area, would be commercial, the Minister may make a similar requirement to the contractor of that adjacent area.
UNITISATION. (a) Any reservoir of petroleum that extends across the boundary of the JPDA shall be treated as a single entity for management and development purposes.
UNITISATION. Any Unitisation occurs and the Projection which is adopted in accordance with Clause 6 (Projections) following such Unitisation demonstrates that the Obligors will not be able to meet their liabilities as they fall due.
UNITISATION. 34.1 In the event a Reservoir extends beyond the Contract Area into an adjacent area which is the subject of another Petroleum Contract (as defined by the Kurdistan Region Oil and Gas Law) (an “Adjacent Contract Area”), or in the event a Reservoir of an Adjacent Contract Area extends into the Contract Area, the provisions of Article 47, Paragraph Second of the Kurdistan Region Oil and Gas Law shall apply and the GOVERNMENT shall require the CONTRACTOR and the contractor of the Adjacent Contract Area to agree upon a schedule for reaching agreement of the terms of the unitisation of the Reservoir, which terms shall be based on reliable technical, operational and economical parameters, all in accordance with prudent international petroleum industry practice. In the event that the Minister of Natural Resources decides the unitisation pursuant to Article 47, Paragraph Third of the Kurdistan Region Oil and Gas Law, and if the CONTRACTOR does not agree with the Minister of Natural Resource’s decision, the CONTRACTOR shall be entitled to arbitration pursuant to the provisions of Article 42.1.
UNITISATION. 21.1. Pursuant to Section 44(2) of the Act, upon discovery of the overlay of a Petroleum Reservoir as per section 44(1) of the Act, the Contractor shall notify the Minister. Such notice shall contain at least:
UNITISATION. 12.1 Where a Commercial Discovery in this Agreement Area extends into another Agreement Area, the Minister may require that the development and production of the field be carried out jointly consistent with general Petroleum Industry practice. Where non-commercial deposits of Petroleum in the Agreement Area would, if exploited with non-commercial deposits in another Agreement Area be commercial, the Minister may make a similar requirement.
UNITISATION. 21.1. Pursuant to Section 44(2) of the Act, the Contractor shall notify the Minister within ninety
UNITISATION. 26.1 Competent Body may require that the Development and Production of any field within the Contract Area be carried out jointly by Contractor with another entity designated by Competent Body if:
UNITISATION. 33.1 Compulsory unitization
UNITISATION. 40.1Where a Petroleum deposit in the Contract Area extends beyond the Contract Area, the boundaries of the Contract Area into another contract area or a license area, the Contractor shall not develop such petroleum accumulation without seeking an agreement with the contractor or the licensee in the other area. An agreement on the development of the petroleum accumulation to be carried out as single unit shall be submitted to the Minister of Petroleum for approval, which approval shall be granted with [30] days of submission. If the Minister of Petroleum has good cause for refusal (such to be notified to the Contractor), the Minister of Petroleum may refuse grant of approval within the same period of time. In case of expiry of the period of [30] days following submission to Minister of Petroleum without Minister of Petroleum either approving or refusing grant of approval, the approval shall be deemed granted by Minister of Petroleum. In case no such agreement is submitted, the Minister of Petroleum may direct the relevant parties to enter into an agreement to this effect.
