Discovery Assessment Plan definition

Discovery Assessment Plan document specifying the work schedule and the relevant investments required for the Assessment of a Discovery or set of Discoveries of Oil and Gas in the Contract Area. Development Plan: document specifying the work program, schedule, and relevant investments required for the Development and the Production of a Discovery or set of Discoveries of Oil and Gas in the Contract Area, including its abandonment. Exploration Plan: document specifying all exploration activities to be developed in the Contract Area during the Exploration Phase, as well as their physical and financial planning, and which should mandatorily contemplate the Minimum Exploration Program. No Loss or Gain: principle, to be observed by the Consortium Members, according to which the Operator shall not earn profits nor incur losses compared to other Consortium Members when carrying out and executing Operations on behalf of the Consortium.
Sample 1Sample 2Sample 3
Discovery Assessment Plan document specifying the work schedule and the relevant investments required for the Assessment of a Discovery or set of Discoveries of Oil and Gas in the Contract Area.
Sample 1Sample 2Sample 3

Examples of Discovery Assessment Plan in a sentence

  • Declaration of Commercial Feasibility Upon compliance with the Discovery Assessment Plan approved by ANP, the Operating Committee may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery.

  • If, at the end of the Exploration Phase, the Consortium Members have started drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposals for a Discovery Assessment Plan.

  • For the Exploration Phase to be extended, pursuant to paragraph 10.16, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and submission by the Consortium Members of the proposal for a Discovery Assessment Plan to ANP may not exceed six (6) months, except for exceptional events previously authorized by the Contracting Party, based on ANP’s opinion.

  • Incorporation of the New Reservoir into the Field shall be preceded by a Discovery Assessment Plan approved by ANP, except when its immediate incorporation is expressly authorized by ANP.

  • During the period of thirty (30) days of submission of the proposal, the Operating Committee shall meet to analyze and resolve upon the proposed Discovery Assessment Plan.

  • If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Consortium Members may request ANP to extend the Exploration Phase to the term required to perform the Assessment and issue any Declaration of Commercial Feasibility, according to a Discovery Assessment Plan approved by ANP.

  • Discovery Assessment through Extended Well Test If the Discovery Assessment Plan contemplates the performance of an Extended Well Test, the Consortium Members shall request to ANP a specific authorization to do so.

  • In case the Operating Committee deems that a Discovery needs to be assessed, the Operator shall submit to the other Consortium Members a detailed proposal for a Discovery Assessment Plan within sixty (60) days.

  • The extension referred to in paragraph 10.16 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP.

  • If the Consortium Members decide to proceed to the Discovery Assessment, they must submit for approval by ANP a proposal for a Discovery Assessment Plan.

Related to Discovery Assessment Plan

  • Development Plan has the meaning set forth in Section 3.2.

  • Improvement Plan means the plan required by the Authority from the Supplier which shall detail how the Supplier will improve the provision of the Goods and/or Services pursuant to Clause 29.1.1 (Authority Remedies);

  • Redevelopment Plan means the “Lincoln Center Redevelopment Plan” passed, adopted and approved by the City pursuant to the Resolution, and shall include any amendment of said Redevelopment Plan heretofore or hereafter made by the City pursuant to law.

  • Phase I Clinical Trial means a study in humans which provides for the first introduction into humans of a product, conducted in normal volunteers or patients to generate information on product safety, tolerability, pharmacological activity or pharmacokinetics, or otherwise consistent with the requirements of U.S. 21 C.F.R. §312.21(a) or its foreign equivalents.

  • Study means the investigation to be conducted in accordance with the Protocol.

  • Feasibility Study means the evaluation and analysis of the potential of a project, which aims at supporting the process of decision-making by objectively and rationally uncovering its strengths and weaknesses, opportunities and threats, as well as identifying the resources required to carry it through and ultimately its prospects for success;