Examples of Deep Offshore in a sentence
Deep Offshore Technology International Conference and Exhibition.
Awuneba currently serves as Executive Director of Multistream Energy Limited; she is on the advisory board of Lagos Deep Offshore Logistics Base (LADOL) and the board of trustees of Youth Business Initiative.
On 11 May 2011, identical letters were sent to the Managing Directors of Shell and Eni in Nigeria regarding the OPL 245 Resolution Agreement/Letter of Award.15 The letters confirm that the conduct of petroleum operations shall be governed by a PSA between Shell and Eni, and that the fiscal terms as provided by the Deep Offshore and Inland Basin Production Sharing Contracts Act, Cap 3, LFN 2004, shall be applicable to the PSA between Shell and Eni.10.
The RA states that a Production Sharing Agreement will be signed between Eni and Shell and that this agreement will be treated as a PSC as defined in the Deep Offshore Production Sharing Contracts Act of 2004.
As a result, it is often known as a payment “off the top.” Royalties are commonly calculated as a percentage of the value of production and are paid in full from the start of production.Under the terms of the Deep Offshore and Inland Basin Production Sharing Contracts Act, royalty payments for deepwater Blocks are determined by water depth.
Indubitably, a significant outcome of the coming into force of the Deep Offshore and Inland Basin (Production Sharing Contract) Act Cap D3 LFN 2004 (Amendment) Act 2019 (the “Amendment Act”) is the potential increase in revenue accruable to the FGN from the Production Sharing Contracts (“PSCs”).
A small American engineering firm, Deep Offshore Technology (DOT), adopted the technology to the offshore petroleum sector where it was first used by Conoco on the Hutton field in the British sector of the North Sea, and on the Jolliet field in the Gulf of Mexico.
On 30 March 2016 the Company announced that its wholly-owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, had signed a farm-out agreement with a wholly owned subsidiary of Eni, which will acquire operatorship and a 40% working interest in the Rabat Deep Offshore permits I-VI, Morocco in return for a capped carry on drilling the JP-1 prospect.
They are being operated under a production sharing contract arrangement and are governed by the Deep Offshore and Inland Basin Production Sharing Contract Act.5 Two of Nigeria’s largest deepwater discoveries are the Bonga6 and Agbami7 fields.
Farm-in proceeds in 2014 and 2015 are in relation to the farm-out of 25% of the Rabat Deep Offshore permits I-IV, Morocco, to a wholly owned subsidiary of Woodside Petroleum Limited, which completed on 23 December 2014.