Common use of Work and Budget Program for the Subsequent Years Clause in Contracts

Work and Budget Program for the Subsequent Years. By September 1st of each calendar year, the Operator shall submit to the other Consortium Members a proposed Work and Budget Program detailing the operations to be executed in the following year. Within thirty (30) days after delivery, the Operating Committee shall meet to analyze and resolve upon the Work and Budget Program. If the Operating Committee does not approve an Operation of the proposed Work and Budget Program, any Contractor may, in the future, propose to execute it as an Operation with Exclusive Risk, pursuant to Section IV of this Annex. In case the Work and Budget Program is approved by the Operating Committee, the Operator shall take the measures necessary for submitting it to ANP. In case ANP requires changes in the Work and Budget Program, the matter shall be submitted again to the Operating Committee for further analysis, following the procedures and deadlines established in the preceding paragraphs. The Work and Budget Programs in the Exploration Phase shall include at least part of the obligations related to the Minimum Exploration Program, which shall be performed during the following calendar year. Any Work and Budget Program approved may be revised by the Operating Committee when deemed convenient. As such reviews are approved by the Operating Committee, the Work and Budget Program shall be changed and, in this event, the Operator shall prepare and submit such restatements to ANP.