Fiscalization Point definition

Fiscalization Point means the location or locations approved as part of the Development and Production Plan where Hydrocarbons are metered for fiscal purposes, which in no event shall be beyond the point of export or point of first sale of such Hydrocarbons in Nicaragua, pursuant to the Law.
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Fiscalization Point. The place approved by the ministry of Mines and Energy or the entity that undertakes these responsibilities in the future, with the purpose of determining the volume of hydrocarbons corresponding to Royalties, the CONTRACTOR’S volume of Hydrocarbons, and defining the volumes relevant to estimate the rights of ▇▇▇ as stated in Chapter VI.
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Examples of Fiscalization Point in a sentence

  • Notwithstanding the books required by the Commercial Code of Nicaragua, the Contractor shall maintain in Nicaragua, in accordance with the generally accepted accounting practices used in the international petroleum industry, accounting books and such other books and records as may be necessary to show the work performed under the Contract, as well as the costs incurred, and the quantity and value of all Hydrocarbons inspected at the Fiscalization Point.

  • The value of Liquid Hydrocarbons within the Contract Area shall be the competitive international market value of such Liquid Hydrocarbons at the Fiscalization Point.

  • Subject to the provisions of this Contract and by virtue of the same, the Contractor is hereby granted the exclusive rights, during the term of this Contract, to explore and exploit Hydrocarbons in the Contract Area, as well as the non-exclusive right to construct and operate such facilities and infrastructure within or outside of the Contract Area up to the Fiscalization Point, as may be required in relation to the exploration and exploitation operations.

  • Condensates produced in the Contract Area and measured at the Production Fiscalization Point.

  • System of pipelines, pumping stations, compression stations, storage tanks, river facilities, delivery systems, roads, other facilities and all other means necessary and useful for the transportation of the Hydrocarbons produced in the Contract Area to a Production Fiscalization Point, (or to a Main Pipeline) or to a pipeline belonging to third parties, including the design, construction, maintenance and equipment of all the above.

  • This includes the construction of the Transport and Storage Systems, facilities at the Production Fiscalization Point of the Main Pipeline and if applicable, primary distillation plants for the manufacture of products to be used in the Operations, or Natural Gas Processing Plants.

  • Oil produced in the Contract Area and measured at a Production Fiscalization Point.

  • That they are of similar quality (API grades and sulfur content) to the Oil that is going to be measured in a Production Fiscalization Point.

  • The date of the first measurement of Hydrocarbons at the Production Fiscalization Point which gives rise to the payment of royalties.

  • Natural Gas produced in the Contract Area and measured at a Production Fiscalization Point.