Exploitation Area definition

Exploitation Area means that part of the Contract Area which is established for development of a Commercial Discovery pursuant to the Contract or, if the Contract does not establish an exploitation area, then that part of the Contract Area which is delineated as the exploitation area in a Development Plan approved as a Joint Operation or as an Exclusive Operation.

Exploitation Area means all or part of the Contract Area covered by an Exploitation Authorisation.

Exploitation Area means a geographical area within the Contract Area, encompassing the extent of a Commercial Discovery which is subject to a Development and Production Plan pursuant to Article 5.1.1.

Examples of Exploitation Area in a sentence

• In either case such Non-Consenting Party shall be deemed to have withdrawn from this Agreement to the extent it relates to such Exploitation Area, even if the Development Plan is modified or expanded subsequent to the commencement of operations under such Development Plan and shall be further deemed to have forfeited any right to participate in the construction and ownership of facilities outside such Exploitation Area designed solely for the use of such Exploitation Area.

• Following such meeting such Operator for such development shall apply for an Exploitation Area (if applicable in the Contract).

• Such withdrawing Party shall retain its rights in Joint Property, but only insofar as they relate to any such Exploitation Area, Commercial Discovery or Discovery, and shall abandon all other rights in Joint Property.

• The records shall be maintained in such a way as to enable proper allocation to each Field with respect to each Exploitation Area.

• On or before the 1st Day of October of each Calendar Year, Operator shall deliver to the Parties a proposed production Work Program and Budget detailing the Joint Operations to be performed in the Exploitation Area and the projected production schedule for the following Calendar Year.

More Definitions of Exploitation Area

Exploitation Area means that portion of the Contract Area delimited by a Commercial Discovery and defined pursuant to Article 7.2 below.

Exploitation Area means the portion of the Contract Area that has been designated as an Exploitation Area in a Development plan approved according to applicable Malagasy law and this PSC.

Exploitation Area means an area constituting or forming part of the Contract Area delineated, following a commercially exploitable Discovery under the provisions of paragraph (a) of Article 7.6 of this Agreement.

Exploitation Area means any part of the Contract Area in respect of which the State has granted to the Contractor an exclusive exploitation authorization. Exploration means the undertaking of operations, whether on land or water, for the purpose of discovering petroleum and includes geological, geophysical and geochemical surveys, the drilling of xxxxx, and activities connected therewith. Fair Market Value means the price of Crude Oil determined in accordance with Article 18.3. Field means a geological structure or feature which hosts one or more reservoirs from which Petroleum production may be commercially undertaken through a defined set of facilities.

Exploitation Area. Means the portion of the Contracted Area in which one or more Commercial Fields are found, as established in Clause 9 (subsection 9.3) herein. The area of each Commercial Field shall include the vertical projection to the surface of the reservoir or reservoirs that make it up, as defined by the Ministry of Mines and Energy, in accordance with Decree 3229 of November 11, 2003, or with the regulations that modify or substitute it.

Exploitation Area means an area confined by the geographic coordinates of its peak points on land corresponding to the specified boundaries of commercial Petroleum Reservoirs and location conditions stated in the operational location permit issued by the body in charge of physical planning. „Eksploatacij- sko polje” znači spojnicama koordinata vršnih točaka omeđen dio prostora na kopnu i xxxxxxxx ograničen sukladno utvrđenim granicama komercijalnog Ležišta Ugljikovodika i lokacijskim uvjetima iz izvršne lokacijske dozvole ishođene od tijela nadležnog za prostorno uređenje.

Exploitation Area means that part of the Contract Area which is established for development of a Commercial Discovery pursuant to the Contract or if the Contract does not establish an exploitation area, then that part of the Contract Area which is delineated as the exploitation area in a Development Plan approved as a Joint Operation or as an Exclusive Operation. I.26 EXPLOITATION PERIOD means any and all periods of exploitation during which the production and removal of Hydrocarbons is permitted under the Contract. I.27 EXPLORATION PERIOD means any and all periods of exploration set out in the Contract. I.28 EXPLORATION WELL means any well whose purpose at the time of the commencement of drilling is to explore for an accumulation of Hydrocarbons whose existence was at that time unproven by drilling. I.29 G & G DATA means only geological, geophysical and geochemical data and other similar information that is not obtained through a well bore. I.30 GOVERNMENT means the government the Republic of Peru and any political subdivision or agency or instrumentality thereof, including without limitation the Government Oil Company. I.31