Voluntary Relinquishments. The Contractor may, at any time during the Exploration Phase, voluntarily relinquish areas forming part of the Contract Area.
Voluntary Relinquishments. 2.5.1 Subject to the Contractor's obligations established in Article 24 and the Hydrocarbons Law, the Contractor may at any time notify the Ministry with three (3) months' advance notice that it relinquishes all of its rights over all or any part of the Contract Area.
2.5.2 In no event will voluntary relinquishment of rights over all or any part of the Contract Area reduce the Contractor's obligations of Exploration established in Article 3.
Voluntary Relinquishments. The Concessionaire may, at any time during the Exploration Phase, voluntarily relinquish areas forming part of the Concession Area.
Voluntary Relinquishments. The Concessionaire may, at any time during the Exploration Phase, voluntarily relinquish areas forming part of the Concession Area. Voluntary relinquishments shall be communicated in writing. Voluntary relinquishments shall not exempt the Concessionaire from the obligation to comply with the Minimum Exploration Program. Once the Exploration Phase is completed, the Concessionaire may only keep as Concession Area the Development Area.
Voluntary Relinquishments. The Contracted Party may, at any time during the Exploration Phase, voluntarily relinquish areas forming part of the Contract Area. Relinquishments shall not exempt the Contracted Party from the obligation to comply with the Minimum Exploration Program. Once the Exploration Phase is completed, the Consortium Members may only keep as Contract Area the Development Areas.
Voluntary Relinquishments. The CONTRACTOR may voluntarily relinquish all or any part of the Agreement Area subject to having fulfilled all of its obligations at that time required to be performed under Article 4.1 of this Agreement. Any voluntary relinquishment shall be credited toward the mandatory relinquishments required under Article 5.1 above. For greater certainty and without limitation, there shall be no expenditure obligations in respect of any such voluntarily relinquished Agreement Area.
Voluntary Relinquishments. During the exploration period, Contractor may at any time relinquish any portion of the area granted with the mineral exploration license upon giving the Ministry 90 (ninety) days prior notice, and all such voluntary relinquishments shall be credited toward the mandatory relinquishments specified in sub-article 10.1 above.
Voluntary Relinquishments. The Concessionaire may, at any time, voluntarily relinquish areas forming part of the Concession Area. Voluntary relinquishments shall be communicated to ANP in writing. Voluntary relinquishments will not exempt the Concessionaire from the responsibility of complying with the plans and programs, as well as the Decommissioning of Facilities. The Facility Decommissioning Program must be submitted for approval by the ANP, pursuant to the Applicable Laws. Once the Exploration Phase is completed, the Concessionaire may only keep as Concession Area the Development Area.
Voluntary Relinquishments. 16 Clause 9.3. Resignation Right 16 Clause 9.4. Events of Termination 17 Clause 9.5. Unilateral Termination 17 Clause 9.6. Caducity 17 Clause 9.7. Events of Default of THE EVALUATOR 17 Clause 9.8. Procedure to Declare a Default 18 Clause 9.9. Events of Unilateral Termination 19 Clause 9.10. Restoration of the Area of Technical Evaluation 19 Clause 9.11. Subsequent Obligations 19 CHAPTER X.- DISPUTE RESOLUTION Clause 10.1. Executive Instance 20 Clause 10.2. Expert Determination and Arbitration 20 Clause 10.3 Technical Expertise 20 Clause 10.4 Accounting Expertise 20 Clause 10.5. Disputes Regarding the Nature 21 Clause 10.6 Arbitration 22 CHAPTER XI.- MISCELLANEOUS PROVISIONS Clause 11.1. Contract Documents 22 Clause 11.2. Force Majeure and Acts of Third Parties 22 Clause 11.3 Suspension 23 Clause 11.4 Cessation of the Suspension 23 Clause 11.5 Effects on Terms 23 Clause 11.6. Taxes 23 Clause 11.7. Payments and Currency 23 Clause 11.8. Exchange Rate 23 Clause 11.9.Late Payment Interest 23 Clause 11.10. Language 23
Voluntary Relinquishments. 16 Relinquishment by termination of the Agreement 16 Conditions for Relinquishment 16 Non-Exclusive Data Survey 16 4 Section Four – Effectiveness and Efficacy 17 Effectiveness and Efficacy 17 Division into phases 17 CHAPTER II – PRODUCTION SHARING 18 5 Section Five – Recovery a Cost Oil 18 Right to Recovery as Cost Oil 18 Calculation and Recognition as Cost Oil 18 Recovery as Cost Oil 18 6 Section Six – Royalties 19 7 Section Seven – Expenses Identified as Research, Development, and Innovation 19 Statement of Calculation of the Profit Oil 21 Price Adjustment 21 CHAPTER III – EXPLORATION 23 10 Section Ten – Exploration Phase 23 Duration 23 Exploration Plan 23 Extension of the Exploration Phase 24 Contractors’ Options after Completion of the Exploration Phase 25 Relinquishment of the Contract Area in the Exploration Phase 26 11 Section Eleven – Financial Guarantee of Exploration Activities Erro! Indicador não definido. Provision of Financial Guarantee 26 Types of Financial Guarantees 27 Effectiveness of Financial Guarantees 27 Reduction in the Secured Amount 28 Return of the Financial Guarantees 28 Adjustment and Update of the Financial Guarantees Erro! Indicador não definido. Execution of the Financial Guarantees 29 12 Section Twelve – Discovery and Assessment 29 Notification of Discovery 29 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 29 Assessment of New Reservoir 30 13 Section Thirteen – Declaration of Commercial Feasibility 30 Declaration of Commercial Feasibility 30 Postponement of the Declaration of Commercial Feasibility 31 CHAPTER IV – DEVELOPMENT AND PRODUCTION 33 14 Section Fourteen – Production Xxxxx 00 Start and Duration 33 Relinquishment of the Contract Area 33 15 Section Fifteen – Development Plan 34 Content 34 Deadlines 35 Development Area 35 Approval and Implementation of the Development Plan 35 Revisions and Amendments 36 Buildings, Facilities, and Equipment 37 16 Section Sixteen – Production Start Date and Annual Production Programs 37 Production Start Date 37 Annual Production Program 37 Approval of the Annual Production Program 38 Revision 38 Authorized Variance 38 Temporary Interruption of Production 39 17 Section Seventeen – Measurement and Availability of the Production Sharing 39 Measurement 39 Sharing Point 39 Monthly Production Reports 39 Production Availability 40 Supply to the Domestic Market 40 Consumption in the Operations 40 Performance of Tests 41 Oil and Gas Losses and burning of Natural Gas 4...
