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

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

  • 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 eighty per cent (80%) 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”).

  • In the event that, in any given Year, recoverable costs, expenses or expenditures exceed the value of Cost Recovery Crude Oil from the relevant Development Area for such Year, the excess shall be carried forward for recovery in the next succeeding Year or Years; but in no case after the termination of this Contract.

  • Given that the Contractor can demonstrate that Petroleum is being sold to an independent third party on an arms length basis, then the Cost Recovery Crude Oil shall be valued as the actual revenues received by the Contractor for sales of Crude Oil at the Measurement Point (adjusted if necessary for transportation, storage and processing costs).

  • 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.

  • If however such an independent third party sale cannot be demonstrated, or at the discretion of the Contractor, then the Parties agree that the value of the Cost Recovery Crude Oil, if sold on International Markets, shall be adjusted to the international market price for Crude Oil from time to time.

  • 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.

  • If in any given Year recoverable costs, expenses or expenditures are less than the maximum value of Cost Recovery Crude Oil the difference shall become part of, and included in the Development Area Profit Oil, as provided for in Article 12 herein.

  • 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 35% is applied (2020: 35%) in compliance with Law no.

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.

  • Projected Recovery Amount means, as of the Termination Date, the aggregate amount of subsequent recoveries, net of expenses and credits, projected to be received on the Reference Pool, calculated based on a formula to be derived by Fannie Mae from the actual net recovery experience for the Reference Pool during the 30-month period immediately preceding the Termination Date, plus any additional amount determined by Fannie Mae in its sole discretion to be appropriate for purposes of the foregoing projection in light of then-current market conditions. Information regarding the formula and results of the related calculations will be provided to Holders through Payment Date statements in advance of the Termination Date. In the absence of manifest error, Fannie Mae's determination of the Projected Recovery Amount will be final.

  • Ethanol blended gasoline means the same as defined in section 214A.1.

  • Rechargeable Electrical Energy Storage System (REESS) means the rechargeable energy storage system that provides electric energy for electrical propulsion.

  • 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.

  • Liquefied natural gas or “LNG” means natural gas that has been liquefied.

  • 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-bill 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.

  • 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 embodied in the processes and procedures for restoring the provision of Services following the occurrence of a disaster;

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

  • Transport Gas means the gas purchased by a Customer from a supplier other than KUB that Customer has arranged to have Delivered to KUB for delivery to the Customer by KUB.

  • Bi-fuel vehicle means a vehicle with two separate fuel storage systems that can run part-time on two different fuels and is designed to run on only one fuel at a time;

  • Renewable fuel means a fuel that is derived from Eligible Energy Resources. This term does not include a fossil fuel or a waste product from a fossil fuel source.

  • 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.