VALUATION OF PETROLEUM. 19.1 For the purpose of this Contract, the value of Crude Oil, Condensate and Natural Gas (refer Article 21) shall be based on the price determined as provided herein.
19.2 A price for Crude Oil shall be determined for each Month or such other period as the Parties may agree (hereinafter referred to as “the Delivery Period”) in terms of United States Dollars per Barrel, on import parity basis (with marine freight being determined on the basis of nearest port to the Contract Area) for Crude Oil produced and sold or otherwise disposed of from Contract Area, for each Delivery Period, in accordance with the appropriate basis for that type of sale or disposal specified below. Subject to the provisions of this Article 19, it is clearly understood that the actual prices received by the Company(ies) from the sales will form the basis for the purposes of cost recovery, Profit Petroleum sharing and payment of royalty as provided in the Articles 15, 16 and 17 respectively. The basis of valuation given in this Article for the purpose of Article 15,16 and 17 shall apply only where Government is of the view that sale prices realised by the Company(ies) are not consistent with the price realisable at Arms Length Sales.
19.3 In the event that some or all of a Company’s or Contractor’s total sales of Crude Oil during a Delivery Period are made to third parties at Arms Length Sales, all sales so made shall be valued at the weighted average of the prices actually received by a Company, calculated by dividing the total receipts from all such sales at the Delivery Point by the total number of Barrels of the Crude Oil sold in such sales.
19.3.1 Each Company constituting the Contractor shall separately submit to the designated nominee of the Government, within fifteen (15) days of the end of each Delivery Period, a report containing the actual prices obtained in their respective Arms Length Sales for any Crude Oil. Such reports shall distinguish between term sales and spot sales and itemize volumes, customers, prices received and credit terms, and a Company shall allow the designated nominee(s) of the Government to examine the relevant sales contracts.
19.4 For the purpose of determining price at Arms Length Sales, the price of the Crude Oil at which sale takes place will generally be based on per Barrel of one or more crude oils which, at the time of calculation, are being freely and actively traded in the international market and are similar in characteristics and quality to t...
VALUATION OF PETROLEUM. 8.1 Point and type of Valuation
VALUATION OF PETROLEUM. The Contractor shall have the right to use Petroleum produced from the Contract Area for the purpose of Petroleum Operations including reinjection for pressure maintenance in Oil Fields, gas lifting and captive power generation required for Petroleum Operations. Provided that the Contractor shall submit at the end of each month the records relating to the quantity of Petroleum used for the purposes of Petroleum Operations to the Government for its information and records.
VALUATION OF PETROLEUM. 14.1 For the purposes of this Contract and, in particular, for the purposes of Article 13 above, the unit selling price of Crude Oil at the Delivery Point shall be denominated in U.S. Dollars and calculated each Quarter as follows:
VALUATION OF PETROLEUM. 17.1 The value of Oil from each Production Area for Cost Recovery shall be determined on the basis of the fair market value ("Value") of such Oil at the Measurement Point.
17.2 Under this Contract, "Value" means the price, which a willing buyer would pay to a willing seller under a long-term contract for the sale of a given product at a given time on an arm's length basis, taking into account the quality, volume, cost of transportation from the Measurement Point, terms of payment and any other relevant conditions, including the then prevailing market conditions for oil in South and South East Asia, and assuming that such buyer and seller are acting freely and independently, each in his own interest without being influenced by reciprocal dealing or any special relationship. Such Value shall be expressed in Dollars per Barrel.
VALUATION OF PETROLEUM. 18.1 For the purposes of this Contract, the Crude Oil price basis shall be the FOB “Market 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 determined hereinafter. Where sales of Crude Oil are made on bases other than FOB at the Delivery Point, all costs of delivery and shipment including freight, insurance, incremental interest on inventory in transit, and demurrage will be subtracted from payments received to arrive at an equivalent FOB Market Price.
18.2 The Market Price applicable to liftings of Crude Oil during a calendar month shall be calculated at the end of that calendar month and shall be equal to the volume- weighted average of the invoiced prices obtained by the Contractor for Crude Oil sold to independent purchasers during that calendar month, provided that the quantities so sold to Arm’s Length purchasers during that calendar month represent at least seventy percent (70%) of the Total Production of Crude Oil obtained from all the Fields under this Contract and sold during said calendar month.
18.3 In the event such sales to Arm’s Length purchasers are not made during the calendar month in question, or represent less than seventy percent (70%) of the Total Production of Crude Oil obtained from all the Fields under this Contract and sold during said month, the Market Price shall be determined as the Fair Market Value of such sales. Fair Market Value of Crude Oil shall be determined by taking into account the quality, volume, cost of transportation, terms of payment, and any other relevant conditions, including the prevailing market conditions for Crude Oil. Where different grades of Crude Oil are being produced from the Delimited Area, the Fair Market Value shall be determined and applied for each grade of such Crude Oil. In the event that different grades of such Crude Oil are blended together for sale then the price of such a blend shall prevail.
VALUATION OF PETROLEUM. (a) The valuation of Crude Oil for purposes of Cost Recovery and as otherwise specifically provided in this Contract in any Calendar Quarter shall be:
(i) where there have been export sales of Crude Oil from the Contract Area (or such other Crude Oil obtained through exchanges or swap agreements which is exchanged or swapped for Crude Oil from the Contract Area) by any Party in arm's length transactions during the Calendar Quarter, the weighted average per unit price realised in all such sales (after deducting commissions and brokerages), at the Point of Sale, adjusted for costs incurred by the Parties of transporting the Crude Oil to the Point of Sale, including but not limited to pipeline tariffs, transit fees, Transit Losses, terminal fees, tanker costs and pipeline taxes to arrive at a value of the Crude Oil at the Delivery Point ("Net Back Value"); provided that the total volume of such arm's length sales made by all Parties exceeds thirty-three and one-third (33 1/3%) percent of the total volume of all sales made by all Parties during the Calendar Quarter; or
(ii) where the total volume of arms length export sales does not exceed the percentage of sales referred to in Article 13.1(a)(i) above, the weighted average per unit price of:
(A) Crude Oil sold in arm's length sales (determined as provided in Article 13.1(a)(i) above) and (B) Crude Oil sold in Non- arm's length sales at the average price quoted for such Crude Oil in Xxxxx'x Oilgram during the Calendar Quarter, but if no such price is quoted then the average of per unit F.O.B. price quotations for three
VALUATION OF PETROLEUM. 12.1 Terms used in this Section shall have the following meanings:
VALUATION OF PETROLEUM. PRODUCTION
8.1 Petroleum production sold to third parties shall be valued as follows:
(a) all petroleum production to which the contractor is entitled under this contract and which is sold to third parties, shall be valued at the net realized price, f.o.b. the contract area;
(b) all petroleum production to which the Designated Authority is entitled under this contract which is sold to third parties shall be valued at the net realized price.
VALUATION OF PETROLEUM. 19.1 The Contractor shall have the right to use Petroleum produced from the Contract Area for the purpose of Petroleum Operations including reinjection for pressure maintenance in Oil Fields, gas lifting and captive power generation required for Petroleum Operations. Provided that the Contractor shall submit at the end of each month the records relating to the quantity of Petroleum used for the purposes of Petroleum Operations to the Government for its information and records.
19.2 For the purpose of this Contract, the value of Petroleum shall be determined in terms of United States Dollars based on the pricing methodology provided herein.
a) Valuation of Petroleum (other than Natural Gas)
i. through competitive bidding process; or
ii. the price of Indian Basket of Crude Oil (currently comprising of Sour Grade (Oman & Dubai Average) and Sweet Grade (Xxxxx Dated) of Crude Oil processed in Indian refineries) as calculated by Government nominated agency.
