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 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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Examples of Economic Limit in a sentence

  • At the Contractor's request, the ▇▇▇, based on considerations of general interest, may extend the Production Period for successive periods of up to ten (10) Years and up to the Field Economic Limit.

  • At the request of the Contractor, the ▇▇▇ can extend the Production Period up to the Economic Limit of the Field.

  • Economic Limit: the thresholds set forth in the conditions of this insurance certificate, or relevant plan, and which represent the maximum benefits covered under each insurance certificate.

  • However, should the imposition of quotas for the conservation of the production result in the said Pools being produced at a rate below their Economic Limit, the Parties agree to make every effort to ensure that such Pools are produced at their Maximum Efficient Rate of production.

  • At the Contractor's request, the ▇▇▇ is entitled to extend the Production Period for successive periods not exceeding ten (10) Years, and up to the Field Economic Limit.

  • 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.


More Definitions of Economic Limit

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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