Development and Production Costs definition

Development and Production Costs means all costs, expenses and liabilities incurred by the Contractor in connection with Development and Production Operations in a Development and Production Area, excluding all Exploration Costs incurred in the Development and Production Area prior to the establishment of any Field, as determined in accordance with this Contract and the Hydrocarbons Law.
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Development and Production Costs shall consist of all costs, whether incurred by acquisition of assets, leasing or other financial arrangement incurred in:
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Examples of Development and Production Costs in a sentence

  • Such statement shall distinguish between budgeted Exploration Costs and Development and Production Costs by Quarter and shall correspond to the individual items of Petroleum Operations included in the Annual Work Program.

  • Any Development and Production Costs shall be separately identified for each Commercial Field, if such is the case, and the Contractor shall specify the basis of allocation of shared costs.

  • Operating Costs are all costs incurred in Petroleum Operations after the Commencement of Commercial Production which are other than Exploration Costs and Development and Production Costs, including those portions of General and Administrative Costs and Service Costs which are not allocated to Exploration Costs or Development and Production Costs.

  • All Service Costs shall be regularly allocated as specified in Paragraphs 2.2.5, 2.3.5 and 2.4 to Exploration Costs, Development and Production Costs and Operating Costs and shall be separately shown under each of these categories.