Economic Limit definition

Economic Limit means that point in the life of field where expected Revenue to Contractor from Petroleum Operations is insufficient to cover the operating costs to continue Petroleum Operations in accordance with the requirements of the Contract. In this context “Revenue” means the expected revenues derived from the conveyance and sale of Petroleum at the Delivery Point together with any firm tariff income earned by the field facilities, if any;
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Economic Limit means that point in the life of the field where expected revenue to the contractor from upstream petroleum operations is insufficient to cover the operating costs to continue upstream petroleum operations in accordance with the requirements of the contract;
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Economic Limit means that point in the life of field where expected Revenue to Contractor from Petroleum Operations is insufficient to cover the operating costs to continue Petroleum Operations in accordance with the requirements of the Contract. In this context “Revenue” means the expected revenues derived from the conveyance and sale of Petroleum at the Delivery Point together with any firm tariff income earned by the field facilities, if any;
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Examples of Economic Limit in a sentence

  • The net repairing cost of individual transformer shall be within the Economic Limit decided by BSES.

  • The forecasted Renewable Energy Resources associated with a Project are constrained by the Economic Limit on Project lifetime.

  • The SPE has defined "Economic Limit", which is commonly stated and used across the Oil and Gas industry.

  • By LARRY PERSILYTPetroleum News Juneau Correspondenthe holiday season is over, but at least one ELF is still working in Alaska.The ELF, or Economic Limit Factor, is a formula in state statute that reduces a field’s oiland gas production tax rates based on the average daily total production and average per-well produc- tion from a reservoir.The current formula, adopted by the Legislature in 1989, was intended as an incentive for producers to keep pumping — and investing — in older, declining fields.

  • The economic cut offs were applied following Economic Limit Tests (ELTs) using costs and prices which are unescalated throughout the period of calculation.

  • Economic Limit: There are several ways to estimate the economic limit.

  • The ELT is a 2-stage process:● Firstly, if the cumulative Operating Revenue from the Effective Date goes positive at some point, then the volumes can be classified as Reserves ● Secondly, the year in which the Net Operating Revenue goes negative for the last time is the Economic Limit (EL) of the project.

  • Economic Limit shall mean that point in the life of field where expected Revenue to Contractor from Petroleum Operations is insufficient to cover the operating costs to continue Petroleum Operations in accordance with the requirements of the Contract.

  • All categories of Reserve volumes quoted herein have been determined within the context of an Economic Limit Test (ELT).

  • GCA has conducted an economic analysis for each case to assess the Economic Limit of the project; CNOOC’s Net Entitlement Reserves, which are made up of CNOOC’s share of Cost Recovery and Remuneration Fees; and to estimate the NPVs of these cash flows net to CNOOC’s working interest in the project.The economic analyses presented in this report are based upon GCA’s understanding of the fiscal and contractual terms governing these assets, and the various economic and commercial assumptions described herein.


More Definitions of Economic Limit

Economic Limit means the time when all revenues expected from sales of Liquid Hydrocarbons from a Pool do not permit the Parties to obtain a net profit and a level of return on invested funds which justify the continued Exploitation of that Pool.
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Related to Economic Limit

  • Economic loss means any economic detriment suffered by a victim as a direct and proximate result of the commission of an offense and includes any loss of income due to lost time at work because of any injury caused to the victim, and any property loss, medical cost, or funeral expense incurred as a result of the commission of the offense. "Economic loss" does not include

  • Bag limit means the maximum number of game animals, game

  • Sell Limit expects to open a position to sell at a higher quote then the current one at the moment of an order placement. The following orders may be used to close a position:

  • Positive beam limitation means the automatic or semi-automatic adjustment of an x-ray beam to the size of the selected image receptor, whereby exposures cannot be made without such adjustment.