WORKING INTEREST OWNERSHIP Sample Clauses
WORKING INTEREST OWNERSHIP. 5.1 As of the Effective Date and during the validity of this Agreement, the Working Interests throughout the Area will be as under: : 80% (Zone-II) : 75% (Zone-III) For the purpose of this Article 5, the Local Company means a company existing under the laws of Pakistan with more than 50% shares held by Pakistanis.
5.2 At all times ABC will maintain the Working Interest, which is specified in Article 5.1 (Required Minimum Local Working Interest), provided however, in the event any local E&P company, other than GHPL, subsequently intends to reduce its working interest in a joint venture whereby the collective working interest(s) of local E&P companies (including that of GHPL) becomes lower than the above threshold specified for required minimum local Working Interest, GHPL shall have the first right to make up the balance required minimum Pakistani working interest on point forward basis without reimbursement or payment of any past cost, GHPL will remain non-operator in such joint ventures.
5.3 Consortia of companies not meeting the minimum required local working interest can still be granted an exploration licence provided such companies advertise in the press within 15 days of the grant, inviting Pakistani incorporated companies and GHPL to participate in the joint venture on the full participation basis under standard Joint Operating Agreement. The Pakistani incorporated companies and GHPL shall have the option to participate in the joint venture within 30 days.
5.4 The foreign E&P companies shall be deemed to have fulfilled their obligation with respect to the minimum local participation if Pakistani incorporated companies and/or GHPL do not take any interest.
5.5 Notwithstanding anything contained herein the GHPL may elect to contribute its share of Expenditure out of funds allocated to it from IBRD Loan, or any other loan, in which event the Operator shall be required to adopt the procedures for procurement of goods and services of such loan funds in accordance with procurement procedures/guidelines laid down by loan giving agency provided such terms and conditions are in accordance with the prudent Good International Oilfield Practices and do not hinder or delay the Joint Operations hereunder.
5.6 The Working Interest Owners may produce Petroleum from the Area as test or early production as may be permitted by the Government pursuant to the Rules, prior to the grant of a Lease.
WORKING INTEREST OWNERSHIP. Article V11
(a) In relation to any New Exploration Effort, and subject to approval of the DGPC and guidelines issued from time to time by DGPC, Working Interest Owners may undertake extended well testing and/or test production and/or early production, as the case may be ("EWT"), during the appraisal phase and before the grant of a Lease. Such approval shall be granted provided that the Working Interest Ownersinter aliacomply with the requisite royalty, tax, rentals of the discovery area and training and social welfare obligations as would be applicable under a Lease.
(b) A request for approval of EWT including associated temporary production facilities shall be made to the DGPC providing information with regard to:-
WORKING INTEREST OWNERSHIP. Article V15 The following new article shall be inserted at the end of Article V as Article [5.7] [5.8]16.
(a) In relation to any New Exploration Effort, and subject to approval of the DGPC and guidelines issued from time to time by DGPC, Working Interest Owners may undertake extended well testing and/or test production and/or early production, as the case may be ("EWT"), during the appraisal phase and before the grant of a Lease. Such approval shall be granted provided that the Working Interest Owners inter alia comply with the requisite royalty, tax, rentals of the discovery area and training and social welfare obligations as would be applicable under a Lease.
(b) A request for approval of EWT including associated temporary production facilities shall be made to the DGPC providing information with regards to the:
(i) technical justification for EWT;
(ii) proposed duration for EWT; and
(iii) a plan for disposal of natural gas during the proposed EWT period.
WORKING INTEREST OWNERSHIP. As of the Effective Date, the Working Interests throughout the Area will be as under: : 80% (Zone-II) : 75% (Zone-III)
WORKING INTEREST OWNERSHIP. Article V15 The following new article shall be inserted at the end of Article V as Article [5.7] [5.8]16.
(a) In relation to any New Exploration Effort, and subject to approval of the DGPC and guidelines issued from time to time by DGPC, Working Interest Owners may undertake extended well testing and/or test production and/or early production, as the case may be ("EWT"), during the appraisal phase and before the grant of a Lease. Such approval shall be granted provided that the Working Interest Owners inter alia comply with the requisite royalty, tax, rentals of the discovery area and training and social welfare obligations as would be applicable under a Lease.
(b) A request for approval of EWT including associated temporary production facilities shall be made to the DGPC providing information with regards to the:
(i) technical justification for EWT;
(ii) proposed duration for EWT; and 13 If this SA is for a 2009 Model PCA, Article numbers should be in digits and not Roman numerals. 14 Only applicable for PCAs executed prior to Petroleum Policy 2009. 15 Title will be “Government Holding’s Rights” for pre 2001 PCAs. 16 For PCAs entered under Petroleum Policy 1994/1997 and Petroleum Policy2009 it will be Article 5.7 and under Petroleum Policy 2001 it will be Article 5.8.
(iii) a plan for disposal of natural gas during the proposed EWT period.
(c) The duration of EWT may be allowed keeping in view the reservoir uncertainty and the proposed investment outlay on EWT. The DGPC shall not grant approval to undertake flaring of gas during EWT for a period longer than thirty (30) days if the gas infrastructure is located within twenty-five (25) kilometer radius of the discovery well, unless under exceptional circumstances.
(d) During appraisal phase, the Working Interest Owners may be allowed to produce petroleum based on EWT pricing terms and subject to the condition that the production during EWT and post Date of Commercial Discovery would be considered as Commercial Production for the purpose of payment of production bonus, royalty and all other obligations as provided hereunder for a Lease.
WORKING INTEREST OWNERSHIP. Article V12 The following new article shall be inserted at the end of Article V as Article [5.7] [5.8]13.
(a) In relation to any New Exploration Effort, and subject to approval of the DGPC and guidelines issued from time to time by DGPC, Working Interest Owners may undertake extended well testing and/or test production and/or early production, as the case may be ("EWT"), during the appraisal phase and before the grant of a Lease. Such approval shall be granted provided that the Working Interest Owners inter alia comply with the requisite royalty, tax, rentals of the discovery area and training and social welfare obligations as would be applicable under a Lease.
(b) A request for approval of EWT including associated temporary production facilities shall be made to the DGPC providing information with regard to:-
WORKING INTEREST OWNERSHIP