VALUATION OF CRUDE OIL. 11.1 The valuation of Crude Oil shall reflect the true market value based on arm's length transactions for the sale of the Crude Oil.
11.2 Save as otherwise provided in this Contract, Crude Oil Production shall be valued in accordance with the following procedures:
(a) On the attainment of commercial production of Crude Oil, each Party shall engage the services of an independent laboratory of good repute to undertake a qualitative and quantitative analysis of such Crude Oil.
(b) When a new Crude Oil stream is produced, a trial marketing period shall be designated which shall extend for the first six (6) month period during which such new stream is lifted or for the period of time required for the first ten (10) liftings, whichever is longer. During the trial marketing period the Parties shall:
(i) collect samples of the new Crude Oil upon which the qualitative and quantitative analysis shall be performed as provided in Clause 1l.2(a);
(ii) determine the approximate quality of the new Crude Oil by estimating the yield values from refinery modeling;
(iii) market, in accordance with their entitlement to the new Crude Oil and to the extent that one Party lifts the other Party's allocation of Available Crude Oil, and payments therefore, shall be made by the buyers to the Operator who will be responsible for distributing to the other Parties in accordance with their entitlement, Cost Oil and Profit Oil and the Contractor's accounting shall reflect such revenues, in accordance with Clause 10;
(iv) provide information to a third party who shall compile the information and maintain all individual Party information confidential, with regard to the marketing of the new Crude Oil, including documents which verify the sales price and terms of each lifting; and
(v) apply the actual F.0.B. sales price to determine the value for each lifting which F.O.B. sales pncmg for each lifting shall continue, as the Realizable Price, after the trial marketing period until the Parties agree to a valuation of the new Crude Oil but in no event longer than ninety (90) days after conclusion of the trial marketing period.
(c) As soon as practicable but in any event not later than sixty (60) days after the end of the trial marketing period, the Parties shall meet to review the qualitative and quantitative analysis, yield and actual sales data. Each Party may present a proposal for the valuation of the new Crude Oil. A valuation formula for the Realizable Price shall be agreed to by the Par...
VALUATION OF CRUDE OIL. (a) The Parties agree that Tanzanian Crude Oil produced and saved from the Contract Area shall be sold or otherwise disposed of at competitive international market prices. The average fair market price of Crude Oil marketed in any Quarter shall, for the purpose of giving effect to this Agreement, be determined as follows:
(i) as soon as possible after the end of each Quarter in which Crude Oil has been produced from the Contract Area an average price (in terms of US$ per barrel, FOB PanAfrican Tanzania’s Delivery Point for export from Tanzania) for each separate volume of Crude Oil of the same gravity, sulphur and metal content, pour point, product yield and other relevant characteristics (“quality”) shall be determined in respect of production during that Quarter. It is understood that production from different areas may be of differing quality and that separate average prices may accordingly be appropriate for any Quarter in respect of production from each area, in which event the overall price applicable to production from the Contract Area shall be determined by taking the arithmetic weighted average (weighted by volume) of all such prices separately determined.
(ii) the prices aforesaid shall be determined on the basis of international fair market value as follows:
(A) in the event that 50% or more of the total volume of sales made by PanAfrican Tanzania during the Quarter of Crude Oil of a given quality produced and saved hereunder have been third party arms’ length sales transacted in foreign exchange (hereinafter referred to as “Third Party Oil Sales”), the fair market valuation for all Crude Oil of that quality will be taken to be the simple arithmetic average price actually realized in such Third Party Oil Sales. This will be calculated by dividing the total receipts from all Third Party Oil Sales by the total number of Barrels of Crude Oil sold in such sales;
(B) Subject to Section 11.5(a)(iii) below, in the event that less than 50% of the total volume of sales made by PanAfrican Tanzania during the Quarter of Crude Oil of a given quality produced and saved hereunder have been Third Party Oil Sales, the fair market valuation for all Crude Oil of that quality will be determined by the arithmetic weighted average of:
VALUATION OF CRUDE OIL. The Minister or the Minister’s designee shall set reference prices for crude oil in order to determine:
(a) The taxable income of the Contractor;
(b) The value of royalty payments made to the Government;
(c) The value of cost oil; and
(d) The Share of Profit Oil The market price of crude oil shall be equal to the Realized Price or the Crude Oil Basket Price. The reference price, established monthly by the Minister upon consultation with the Contractor, shall reflect the price that could have been achieved between independent parties in arm’s length transactions.
VALUATION OF CRUDE OIL. 7.1 Crude Oil sold to third parties shall be valued as follows:
7.1.1 All Crude Oil taken by CONTRACTOR including its share and the share for the recovery of Operating Costs and sold to third parties shall be valued at the net realized price f.o.
VALUATION OF CRUDE OIL. 13.1 For the purpose of this Agreement the value of a barrel of crude oil shall be the average fair market price determined as follows - as soon as practicable after the end of each calendar month in which crude oil has been produced and sold from any field pursuant to this Agreement, an average price (in terms of United States dollars per barrel, fob, delivery point) for each field shall be determined in respect of production during that calendar month. It is understood that production from different fields may be of different quality and that separate average prices may accordingly be determined for any calendar month in respect of production from each field; the prices aforesaid shall be determined as follows - in the event that fifty percent (50%) or more of the total volume of sales by the Contractor during the calendar month of crude oil of a given quality produced hereunder from a field were third party sales, as hereinafter defined, the price of all crude oil from such field of that quality shall be deemed to be the simple arithmetic average price actually realised, calculated by dividing the total receipts from all such sales calculated fob the delivery point by the total number of barrels of crude oil sold from such field in such sales; in the event that less than fifty percent (50%) of the total volume of sales by the Contractor during the calendar month of crude oil of a given quality produced hereunder from a field were third party sales, the price of all crude oil from such field of that quality will be determined by the arithmetic average of -
VALUATION OF CRUDE OIL. 7.4.1 It is the intent of the Parties that the value of the Cost Oil (and the CONTRACTOR’S (for and on its own behalf and on behalf of Range Resources) Production Sharing Oil for the purpose of PUNTLAND Income Taxes as provided in Article 9.1.2 below) shall reflect the prevailing market price for Crude Oil. For the purpose of evaluating the prevailing market value of the quantity of Cost Oil to which the CONTRACTOR (for and on its own behalf and on behalf of Range Resources) is entitled hereunder during each Calendar Quarter, the weighted average price realized in freely convertible currency, from
VALUATION OF CRUDE OIL. 18.1 For the purposes of this Contract, the “Market Price” for Crude Oil shall be the FOB price at the Delivery Point, expressed in Dollars per Barrel and payable within thirty (30) days after the date of the bill of lading, as such Market Price is determined in this Article
VALUATION OF CRUDE OIL. The Minister shall set reference prices for crude oil in order to determine:
(a) The taxable income of the Contractor;
(b) The value of royalty payments to be made to the Government;
(c) The value of cost oil; and
(d) The Share of Profit Oil The market price of crude oil shall be equal to the Realized Price or the Crude Oil Basket Price or the prices quoted by the Pricing Agency recognised by the market. The reference price, established monthly by the Minister upon consultation with the Contractor, shall reflect the price that could have been achieved between independent parties in arm’s length transactions.
VALUATION OF CRUDE OIL. (a) Məsrəflərin ödənilməsi, Mənfəət Karbohidrogen- lərinin bölüşdürülməsi və bu Sazişdə xüsusi nəzərdə tutulan digər məqsədlər üçün Xam neftin dəyəri hər hansı Təqvim Rübündə xalis ixrac dəyəri olmaqla aşağıdakı qaydada müəyyən edilir:
(a) The valuation of Crude Oil for purposes of Cost Recovery, sharing of Profit Petroleum and as otherwise specifically provided in this Contract in any Calendar Quarter shall be the net back value calculated as follows:
(i) Təqvim Rübü ərzində (xxx qaiməsinin (i) where there have been export sales of tarixinə uyğun olaraq) hər hansı Tərəf Crude Oil from the Contract Area (or Kontrakt Sahəsindən çıxarılan Xam Nefti such other Crude Oil obtained through (yaxud Kontrakt Sahəsindən çıxarılan Xam exchanges or swap agreements which is Neft əvəzinə mübadilə və ya “svop” exchanged or swapped for Crude Oil sazişləri nəticəsində əldə edilmiş digər Xam from the Contract Area) by any Party in Nefti) Satış Məntəqəsində kommersiya arm’s length transactions during the cəhətdən müstəqil əqdlərə əsasən satırsa, Calendar Quarter (as per xxxx of lading Çatdırılma Məntəqəsində Xam Neftin date), the weighted average per unit dəyərini (“Xalis İxrac Dəyərini”) təyin price realised in all such sales (after etmək üçün Xam Neftin Satış Məntəqəsinə deducting commissions and nəql olunmasına Tərəflərin çəkdiyi xərcləri, brokerages), at the Point of Sale, o cümlədən, xxxx kəməri tariflərini, tranzit adjusted for costs incurred by the rüsumlarını, sığortaları, nəqliyyat Parties of transporting the Crude Oil to vasitələrinin gecikmə haqlarını, qarışdırma the Point of Sale, including pipeline nəticəsində baş verən keyfiyyət və/və ya tariffs, transit fees, insurances, kəmiyyət itkiləri, terminallardan istifadə demurrage charges, quality and/or haqqını, tankerlərin fraxt edilməsini və xxxx quantity losses by blending, terminal kəməri üçün vergiləri nəzərə almaqla, Satış fees, tanker costs and pipeline taxes to Məntəqəsində bütün bu cür satışlar zamanı arrive at a value of the Crude Oil at the əldə olunan bir vahid üçün xxxx xüsusi satış Delivery Point (“Net Back Value”); qiyməti (komisyon və broker haqqı provided that the total volume of such çıxıldıqdan sonra); bu şərtlə ki, bütün arm’s length sales made by all Parties Tərəflərin kommersiya cəhətdən müstəqil əqdlər əsasında satışlarının ümumi həcmi Təqvim Rübü ərzində bütün Tərəflərin Satışlarının hamısının ümumi həcminin otuz üç tam üçdə bir faizindən (33 1/3%) xxx olsun; və ya exceeds thirty-three and one...
VALUATION OF CRUDE OIL. 8.1 Crude Oil sold to third parties shall be valued as follows:
(a) All Crude Oil taken by CONTRACTOR, including its share and the share for the recovery of Petroleum Operations Expenditures, and sold to third parties shall be valued at the net realized price received by CONTRACTOR for such Crude Oil F.O.B the Republic of Equatorial Guinea at the point Crude Oil passes through the inlet flange of the export tanker.
(b) Except for the Royalty, all of the STATE's Crude Oil taken by CONTRACTOR and sold to third parties shall be valued at the net realized price received by CONTRACTOR for such Crude Oil F.O.B the Republic of Equatorial Guinea at the point Crude Oil passes through the inlet flange of the export tanker, less costs incurred by CONTRACTOR related to the sale of STATE's Crude Oil.
(c) The MINISTRY shall be duly advised before the sales referred to in paragraph (b) of this subsection are made.
(d) Subject to any existing Crude Oil sales agreement, if a more favorable net realized price is available to the STATE for the Crude Oil referred to in paragraph (b) of this subsection, then the MINISTRY shall so advise CONTRACTOR in writing not less than ninety (90) calendar days prior to the commencement of the deliveries under the STATE's proposed sales contract. Forty-five (45) calendar days prior to the start of such deliveries, CONTRACTOR shall notify the MINISTRY regarding CONTRACTOR's intention to meet the more favorable net realized price in relation to the quantity and period of delivery pursuant to said proposed sales contract. In the absence of such notice the STATE shall market its Crude Oil.
(e) The STATE's marketing of such Crude Oil as referred to in paragraph (d) of this subsection shall continue until forty-five (45) calendar days after the STATE's net realized price on said Crude Oil becomes less favorable. CONTRACTOR's obligation to market said Crude Oil shall not apply until after the STATE has given CONTRACTOR at least sixty (60) calendar days advance notice that the STATE does not desire to continue such sales. As long as the STATE is marketing the Crude Oil referred to above it shall notify CONTRACTOR of the more favorable net realized price.
8.2 Crude Oil sold to other than third parties shall be valued as follows:
(a) By using the weighted average per unit price received by CONTRACTOR and the STATE from sales to third parties F.O.B at the point Crude Oil passes through the inlet flange of the export tanker in the Republic of Equatoria...
