Commercial Discovery definition

Commercial Discovery means a Discovery of Petroleum reserves which has been declared as a Commercial Discovery in accordance with the provisions of Article 10 and/or Article 21.

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Commercial Discovery means a Discovery that Contractor proposes to develop and produce under the terms of this Contract.

Commercial Discovery means a Discovery that is declared by the Contractor to be commercial in accordance with Article 6.

Examples of Commercial Discovery in a sentence

• The term for the submission of the Development Plan shall initiate upon the declaration of any Commercial Discovery.

• If a Commercial Discovery has been declared, the Contractor shall establish an investment trust (the “Abandonment Trust”), jointly controlled by CNH and the Contractor at a Mexican banking institution approved by CNH.

• The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of CNH.

• The term for the submission of the declaration of a Commercial Discovery shall initiate within the end of any Appraisal Period in accordance with Article 6.1.

• The Appraisal Plan for the Discovery shall cover the entire area of the structure in which the Discovery was made (the “Appraisal Area”), and shall contain at a minimum the items indicated in Annex 6, with a sufficient scope to allow for an evaluation to determine whether the Discovery can be considered a Commercial Discovery.

More Definitions of Commercial Discovery

Commercial Discovery means a Discovery which is determined to be commercial in accordance with the provisions of this Agreement;

Commercial Discovery means any Discovery that is sufficient to entitle the Parties to apply for authorization from the Government to commence exploitation.

Commercial Discovery means the discovery of petroleum within the 45 exploration area in such quantities as will permit the economic development thereof, on its own or in combination with other existing discoveries or as part of a unitised development;

Commercial Discovery means a discovery of petroleum which has been duly evaluated in accordance with the provisions of clause 0, and which can be produced commercially according to best petroleum industry practice, after the consideration of all pertinent technical and economic data;

Commercial Discovery means any Discovery, which has been declared to be commercial by the Contractor;

Commercial Discovery has the meaning as set forth in Article III ( c ).

Commercial Discovery means a commercial discovery of Petroleum as defined in the Rules.