Cost Recovery Crude Oil definition

Cost Recovery Crude Oil is defined as set forth in Article 11.5.
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Cost Recovery Crude Oil has the meaning given in Section 5.9; "Cost Recovery Natural Gas" has the meaning given in Section 5.9;
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Examples of Cost Recovery Crude Oil in a sentence

  • The remaining Available Petroleum including any portion of Cost Recovery Crude Oil or Cost Recovery Natural Gas not required to cover costs hereinafter referred to as "Profit Crude Oil" and/or "Profit Natural Gas" and collectively as "Profit Petroleum") shall be allocated between the Government and Contractor.

  • To the extent that in a Calendar Year the recoverable costs or expenses related to the Contract Area exceed the amount allowable for Cost Recovery Crude Oil or Cost Recovery Natural Gas from the Contract Area, for such Calendar Year, then the excess shall be carried forward for recovery in the next succeeding Calendar Years until fully recovered, but in no case after termination of this Contract.

  • Subject to the Accounting Procedure and the auditing provisions of the Contract, Contractor shall recover costs and expenses duly verified in accordance with Article 17 of the Contract in respect of the Petroleum Operations hereunder to the extent of and out of 50% of all Available Crude Oil and/or all Available Natural Gas from the Contract Area, (hereinafter referred to as "Cost Recovery Crude Oil" and/or "Cost Recovery Natural Gas" and collectively as ―Cost Recovery Petroleum‖).

  • To the extent that the amount of Cost Recovery Crude Oil or Cost Recovery Natural Gas received by Contractor from the Contract Area during a Calendar Month is greater or less than the amount Contractor was entitled toreceive for that Month, an appropriate adjustment shall be made in accordance with internationally accepted accounting principles.

  • To the extent that the amount of Cost Recovery Crude Oil or Cost Recovery Natural Gas received by Contractor from the Contract Area during a Calendar Monthis greater or less than the amount Contractor was entitled to receive for that Month, an appropriate adjustment shall be made in accordance with internationally accepted accounting principles.

  • Such payment will be in Crude Oil from the Area F.O.B. export terminal or other agreed delivery point provided that the amount of Crude Oil taken by EGPC in kind in a quarter shall not exceed the value of Cost Recovery Crude Oil actually taken and separately disposed of by CONTRACTOR from the Area during the previous quarter.

  • Such equivalent Barrels shall be calculated on the basis of the provisions of Article VI(c) relating to the valuation of Cost Recovery Crude Oil.

  • Contractor and Georgian Oil shall be entitled to recover all Costs and Expenses incurred in respect of Petroleum Operations from a maximum of fifty percent (50%) per Calendar Year of all Available Crude Oil and Available Natural Gas from the Contract Area (hereinafter referred to as "Cost Recovery Crude Oil" and "Cost Recovery Natural Gas", as the case may warrant).

  • The percentage referring to cost recovery, also referred to as Cost Recovery Crude Oil, is deducted from the total of the charges, resulting in the "Profit Oil “ on which a rate of 30% is applied in accordance with Law No. 3/12 - Tax Incentives Law for National Companies in the Oil Sector (“Lei dos Incentivos Fiscais às Empresas Nacionais do Sector petrolífero”).The annual tax amount determined is subject to adjustments resulting from the annual examination of the tax returns submitted by the company.

  • CRUDE OIL : (i) The Cost Recovery Crude Oil to which CONTRACTOR is entitled hereunder shall be valued by EGPC and CONTRACTOR at "Market Price" for each calendar quarter.

Related to Cost Recovery Crude Oil

  • Cost recovery means collection, upon approval by the commission pursuant to its authority under section4909.15 of the Revised Code, of such documented EDU interconnection costs that are incurred at reasonable levels for prudent purposes and that are over and above the review processing fees set forth in rules 4901:1-22-06 to 4901:1-22-08 of the Administrative Code.

  • Vapor recovery system means a vapor gathering system capable of collecting all hydrocarbon vapors and gases discharged from the storage vessel and a vapor disposal system capable of processing such hydrocarbon vapors and gases so as to prevent their emission to the atmosphere.

  • Resource recovery facility means a solid waste facility

  • Disaster recovery project means a project located on property

  • Crude Oil means any liquid hydrocarbon mixture occurring naturally in the earth whether or not treated to render it suitable for transportation and includes:

  • Net energy billing means a billing and metering practice under which a customer-generator is billed on the basis of net energy over the billing period.

  • Proven Mineral Reserve means that economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified;

  • Projected Recovery Amount The fair value of the estimated amount of subsequent recoveries, determined by Freddie Mac on the Termination Date, at its sole discretion, on the Credit Event Reference Obligations.

  • Materials recovery facility means a solid waste management facility that provides for the extraction from solid waste of recyclable materials, materials suitable for use as a fuel or soil amendment, or any combination of such materials.

  • Proved Developed Producing Reserves means Proved Reserves which are categorized as both “Developed” and “Producing” in the Definitions, “Proved Developed Nonproducing Reserves” means Proved Reserves which are categorized as both “Developed” and “Nonproducing” in the Definitions, and “Proved Undeveloped Reserves” means Proved Reserves which are categorized as “Undeveloped” in the Definitions.

  • Meet-Point Billing (MPB) refers to the billing associated with interconnection of facilities between two or more LECs for the routing of traffic to and from an IXC with which one of the LECs does not have a direct connection. In a multi-xxxx environment, each Party bills the appropriate tariffed rate for its portion of a jointly provided Switched Exchange Access Service.

  • Final Shared-Loss Recovery Month means the calendar month in which the tenth anniversary of the Commencement Date occurs.

  • Product Backlog means a list of those Stories that do not form part of the current Sprint Plan at that time and which are to form the subject of a future Sprint, either in the current Release at that time or a subsequent Release;

  • MONTHLY KILOMETREAGE STATEMENT CUM BILL means the format specified by the Company.

  • At-home recovery visit means the period of a visit required to provide at home recovery care, without limit on the duration of the visit, except each consecutive four (4) hours in a twenty-four-hour period of services provided by a care provider is one visit.

  • Proved Developed Non-Producing Reserves means oil and gas reserves that, in accordance with Petroleum Industry Standards, are classified as both “Proved Reserves” and “Developed Non-Producing Reserves.”

  • Postpartum recovery means (a) the entire period a woman or

  • Disaster Recovery System means the system identified by the Supplier in the Supplier Solution which shall be used for the purpose of delivering the Disaster Recovery Services;

  • Imbalance means the difference between Deliveries to KUB for a Customer and Redeliveries by KUB to the Customer.

  • Probable Mineral Reserve means the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified;

  • Bi-fuel vehicle means a vehicle with two separate fuel storage systems that is designed to run primarily on only one fuel at a time; however, the simultaneous use of both fuels is permitted in limited amount and duration.

  • Non-Methane Hydrocarbons (NMHC means the sum of all hydrocarbon air pollutants except methane.

  • fuel supplier means an entity supplying fuel to the market that is responsible for passing fuel through an excise duty point or, in the case of electricity or where no excise is due or where duly justified, any other relevant entity designated by a Member State;

  • S&P Recovery Rate With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 4 using the Initial Rating of the most senior Class of Secured Notes Outstanding at the time of determination.

  • Contract for Differences (“CFD”) shall mean a contract, which is a contract for differences by reference to variations in the price of an Underlying Asset. A CFD is a Financial Instrument.

  • The Contract Price/Project Cost means the price payable to the Vendor under the Contract for the full and proper performance of its contractual obligations.