Cost Petroleum definition

Cost Petroleum means, the portion of the total value of Petroleum Produced and Saved from the Contract Area which the Contractor is entitled to take in a particular period, for the recovery of Contract Costs as provided in Article 15.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Cost Petroleum means the portion of the total volume of Petroleum produced and saved from the Contract Area which the Contractor is entitled to take from the Contract Area in a particular period for the recovery of Contract Costs as provided in Article 13.

Cost Petroleum has the meaning set out in sub-clause 10.1;

Examples of Cost Petroleum in a sentence

• Area upto the date of first Commercial Production shall be aggregated, and the Contractor shall be entitled to recover the aggregate of such Exploration Costs out of the Cost Petroleum at the rate of one hundred percent (100%) per annum of such Exploration Costs beginning from the date of such Commercial Production.

• Such cost recovery Petroleum, including the recovered Uplift, is the "Cost Petroleum" consisting of two categories, the Cost Oil and the Cost Gas.

• Such costs shall be included in Operating Costs recoverable as provided in Section 9.4. The interest expenses incurred by the CONTRACTOR to finance its Exploration Operations hereunder shall not be cost recoverable from Cost Petroleum.

• Such cost recovery Petroleum is the "Cost Petroleum" consisting of two categories, the Cost Oil and the Cost Gas.

• Each grade or quality of Liquid Petroleum produced in a Calendar Year shall contribute its proportionate share of Royalty, Cost Petroleum and Profit Petroleum.

More Definitions of Cost Petroleum

Cost Petroleum means Cost Oil and/or Cost Gas. „Troškovni ugljikovodici” znači Troškovna nafta i/ili Troškovni plin.

Cost Petroleum means Petroleum out of which Contractor may recover the costs and expenses of the Petroleum Operations pursuant to Section 9.4.

Cost Petroleum means the portion of Petroleum Produced available to the Concessionaires to cover the costs and expenses incurred in carrying out the Petroleum Operations as stipulated in the EPC.

Cost Petroleum means, the portion of the total value of Crude Oil, and Natural Gas produced from the Contract Area which the Contractor is entitled to take in a particular period, for the recovery of Recoverable Costs provided in Article 9;

Cost Petroleum means the share of petroleum that a contractor is permitted to take under a petroleum agreement to cover costs incurred in respect of petroleum operations;

Cost Petroleum has the meaning assigned in Article 11;

Cost Petroleum means the portion of the Total Available Production that is equal to the costs incurred by the Parties that are recoverable in accordance with the Accounting Procedure. Crude Oil shall have the meaning ascribed in the Contract. Day means a Gregorian calendar day unless otherwise specifically provided. Decommissioning means all work required for the abandonment of Joint Property (or, as provided under Article 10.3, property of Exclusive Operations) in accordance with generally accepted practices of the international petroleum industry and applicable legal obligations, including, where required, plugging of ▇▇▇▇▇, abandonment, disposal, demolition, removal and/or cleanup of facilities, and any necessary site remediation and restoration. Decommissioning Costs means the costs of Decommissioning. Decommissioning Response Deadline means as to each Party the thirtieth (30th) Day after receipt of Operator’s notice of Decommissioning under Article 10.1.A.