Common use of Valuation of Unit Petroleum for Cost Recovery and Production Sharing Purposes Clause in Contracts

Valuation of Unit Petroleum for Cost Recovery and Production Sharing Purposes. (1) Where Timor-Leste and Australia agree that a licensee or contractor has entered into contracts for the sale of Unit Petroleum which are consistent with arm’s length transactions as outlined in Annex III, then for that part of Unit Petroleum apportioned to the JPDA in accordance with the Apportionment Ratio, the transacted price will be accepted as the Petroleum valuation for cost recovery and production sharing purposes.

Valuation of Unit Petroleum for Cost Recovery and Production Sharing Purposes. (1) . Where Australia and Timor-Leste and Australia agree that a licensee or contractor has entered into contracts for the sale of Unit Petroleum which are consistent with arm’s 's length transactions as outlined in Annex annex III, then for that part of Unit Petroleum apportioned to the JPDA in accordance with the Apportionment Ratio, the transacted price will be accepted as the Petroleum valuation for cost recovery and production production-sharing purposes.