Common use of VALUATION OF CRUDE OIL Clause in Contracts

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. The Minister or the Minister’s its designee shall set reference prices for crude oil in order to determine: (a) The taxable income of the Contractorcontractor; (b) The value of royalty payments made to the GovernmentCooperative Government of Guyana; (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 quarterly 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.