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;

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;

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;

Examples of Economic Limit in a sentence

• A significant difference with non-renewable energy Projects is that the economic limit will often not be an appropriate basis for the resource assessment because renewable energy is often replenished at an equal or higher rate than consumed and other Project limitations may become relevant before the Economic Limit is reached.EntitlementThe quantity of Renewable Energy Resource that accrues to a Project’s participant.EvaluatorPerson, or persons, performing resource estimation and/or Classification.

• ADR costs are included for project economics but are not included in judging economic producibility or determining the economic limit (see Section 3.1.3, Economic Limit).

• ADR is not included in determining the economic producibility or for determining the point the project reaches the economic limit (see Section 3.1.3, Economic Limit).

• The Economic Limit of User Participation for the Transmission Agreement and for the Agreement of Use of the LNG Facility shall be calculated on the basis of the amount of the guarantee that the User has available for participation in the LNG Auction, in accordance with paragraphs [4] through [8].3.

• The first variable production tax was adopted in 1970 and taxed at rate between 3% and 8% based on daily oil production rates.In 1977, the rate was raised to 12.5% and the Economic Limit Factor (ELF) was adopted.

• The actual relationship between the State "take" and the pipeline tariff will be slightly different due to factors removed from this simplified example, such as the reduction to severance taxes by the Economic Limit Factor, or ELF.

• As precondition for a User's participation in an LNG Auction shall be the provision of a guarantee under the Transmission Agreement and the LNG Agreement that he has concluded.2. The User Participation Economic Limit for each Framework Agreement for Day(d) means the amount of money available for the submission of tenders in the LNG Auction from 16.00 on Day (d) to 16.00 on Day (d+1).

• All leases are Held by Production, have no expiry date and no drilling obligations.LR 5.31.4 Description of: Economic Limit Tests were performed and project NPVs calculated to satisfy the commerciality requirements of the PRMS.

• Legislative Research Report Number 03.250, The Economic Limit Factor, June 17, 2003.

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

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.