First Commercial Production definition

First Commercial Production means initial production on a commercial basis of petroleum, natural gas and related hydrocarbons from the Arctic Resource;

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First Commercial Production means the first day, within any period not exceeding one hundred and twenty (120) days, when Commercial Production of Crude Oil has averaged no less than thousand (X0,000) BOPD over ninety (90) days, or within three (3) Years from the approval of the Preliminary Development Plan, whichever is earlier. The 120 day period shall exclude any days when production may have been decreased pursuant to Articles 12.5(c), 12.5(d) or 12.5(e).

First Commercial Production means the first day of the month in which Minerals from a Mine have been extracted and processed to yield Product for forty-five (45) consecutive days at a rate, averaged over such 45-day period, of not less than seventy percent (70%) of the average daily rate projected in the Bankable Feasibility Study pursuant to which such Mine is developed. The processing or shipping of bulk samples for testing purposes shall not be used for the purposes of establishing the First Commercial Production.

Examples of First Commercial Production in a sentence

During the […***…] period immediately following the First Commercial Production Date, RFM warrants to ST that the IC Design shall conform to the Specifications in all material respects.
Contractor shall commence payment to Petrobangla into a fund to be hereinafter referred to as the "Abandonment Fund" on the first anniversary of the First Commercial Production (hereinafter referred to as "Commencement of Payment into the Abandonment Fund").
Pursuant to Article 19 of Petroleum Costs and Supplementary Costs shall start being charged as from the Effective Date, while Remuneration shall start being charged as from First Commercial Production.
Pursuant to Article 19 of Petroleum Costs and Supplementary Costs shall start being charged as from the Effective Date, while Remuneration shall start being charged as from the achievement of First Commercial Production.
In the latter case, ROC shall defer consideration of the program for First Commercial Production and for extraction of Natural Gas Liquids for a holding period of up to three (3) Years, to allow ROC time to secure access to adequate offtake arrangements.
Pursuant to Article 19 of the Contract, Petroleum Costs shall start being charged as from the Effective Date, while Remuneration shall start being charged as from the occurrence of the First Commercial Production Date.
In accordance with the provisions of Article 5 of the General Tax Code, the Mining Company shall be exempt from taxation on industrial and commercial profits (BIC) and the minimum flat-rate tax during the first five (5) years following actual start of mining defined as the First Commercial Production Date.
Contractor shall start charging the Remuneration Fee to the Operating Account only from the date of First Commercial Production, in accordance with this Contract and the Accounting Procedure.
After the date of First Commercial Production, all Distributable Cash Flow shall be distributed to Kwagga on a monthly basis within thirty (30) days following the end of each month.
Contractor shall notify NOC of its election whether to receive Service Fees in cash or in Export Oil no later than the date of First Commercial Production.

More Definitions of First Commercial Production

First Commercial Production means the date on which the last of the following occurs:

First Commercial Production has the meaning set out in the PSC. GAS FIELD has the meaning set out in the PSC.

First Commercial Production means when a commercially viable copper cathode product has first been produced by the Process Plant.

First Commercial Production means the last day of the first thirty (30) consecutive days when a Net Gas Production Rate of no less than seventy (70) MMSCFD is produced and transferred to Transporter, but excluding any days on which a production test is performed for establishing Commercial Production.

First Commercial Production means the last day of a consecutive ninety (90) day period of Commercial Production when a Net Production Rate of no less than thousand (X0,000) BOPD has been achieved, or within three (3) Years from the approval of the Preliminary Development Plan, whichever is earlier.

First Commercial Production means Commercial Production at the Net Dry Gas Production Rate, which shall be achieved by Contractor within three (3) Years from the approval date of the Preliminary Development Plan pursuant to Article 2.2 and Article 6, subject to Article 11.3.