Heavy oil definition
Examples of Heavy oil in a sentence
Where the Concessionaire is successful in making such an arrangement such Heavy Oil shall be considered Clean Oil where the Concessionaire provides the purchaser with a Carbon Removal Credit of 350 kg of CO2 per barrel.
The sale of Heavy Oil to a refinery pursuant to Article 19.2.1 shall be subject to zero royalty and shall not be subject to Hydrocarbon Tax, where adequate information has been received from the refinery about the dedication of the Petroleum to asphalt.
Asphalt Where the Concessionaire makes a Commercial Discovery of Heavy Oil with a C7 asphaltene content of more than 3% by weight, the Concessionaire shall with priority dedicate such Heavy Oil to the production of asphalt and endeavour to sell such Heavy Oil to a refinery which has an asphalt yield of at least 30% and shall describe in the Field Development Plan the anticipated details of the arrangement.