Industry Best Practices definition

Industry Best Practices means the practices, methods, standards and procedures generally accepted and followed by diligent, expert and prudent operators with experience in Exploration, Appraisal, development, Extraction of Hydrocarbons and Abandonment which, in the exercise of reasonable judgment and in light of the facts known at the time a decision is made, would be expected to obtain the anticipated results of the Extraction of Hydrocarbons inside the Contract Area, maximizing the recovery factor of Hydrocarbons throughout the life of the reservoirs, without causing an excessive reduction of pressure or energy.

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Industry Best Practices means the best practices, methods, standards and procedures generally accepted and followed by diligent, expert and prudent operators with experience in the areas of Exploration, Appraisal, development and Extraction of Hydrocarbons and in Abandonment which, in the exercise of reasonable judgment and in light of the facts known at the time a decision is made, would be expected to achieve the anticipated results and increase the economic benefits derived from the Extraction of Hydrocarbons contained within the Contract Area, maximizing the recovery factor of Hydrocarbons throughout the life of the reservoirs, without causing an excessive reduction of pressure or energy.

Industry Best Practices means the processes, practices, and systems identified in public and private organizations that performed exceptionally well and are widely recognized.

Examples of Industry Best Practices in a sentence

• The measurement system shall be supplied by the Contractor and will require approval by CNH, which will verify compliance with the Applicable Laws and Industry Best Practices.

• The Work Programs shall contemplate the production of Hydrocarbons at the optimal rate, in accordance with Industry Best Practices.

• All proposed Budgets shall be commercially viable, reasonable and consistent with the requirements of this Contract, its annexes and Industry Best Practices.

• Contractor shall use Industry Best Practices to secure and protect personal computer systems including but not limited to the use of virus protection, firewall, spyware and intrusion detection software and keep such software up to date with current recommended updates.

• Hearings or attendances may be held in order to resolve in good faith any technical difference that may exist regarding to the observations of the Development Plan, in accordance with the Industry Best Practices and the Applicable Laws.

• The Contractor shall maintain all Materials used in the Petroleum Activities in good working condition in accordance with the Management System, Industry Best Practices and the recommendations of the manufacturers of the Materials.

• The Contractor shall be responsible for: (i) the performance of all environmental obligations, commitments and conditions prescribed by the Applicable Laws, Industry Best Practices and environmental permits, and (ii) environmental damage caused by the Contractor in carrying out the Petroleum Activities.

• Contractor shall use Industry Best Practices to backup, secure and protect all data collected on personal computer systems on behalf of the Commonwealth.

• The purpose of this License Contract is to provide for the carrying out of the Petroleum Activities by the Contractor within the Contract Area, at its sole cost and risk, in accordance with the Applicable Laws, Industry Best Practices and the terms and conditions of this Contract.

• The Development Plan shall: (i) cover the entire Development Area; (ii) include at a minimum the information required by Annex 8; (iii) foresee the use of adequate methods and processes to obtain the maximum ultimate recovery factor for the Reserves, complying with Industry Best Practices, as well as (iv) include the corresponding program for the efficient use of Natural Gas and the mechanism for the measurement of the production of Hydrocarbons.

More Definitions of Industry Best Practices

Industry Best Practices means a management idea asserting that, for a given industry, there is a body of techniques, methods, processes, activities, incentives and/or rewards that is more effective at delivering a particular outcome than any other body of techniques, methods, processes, etc. (i.e., with a proper system of processes, checks and testing, a desired outcome can be delivered with fewer problems and unforeseen complications).

Industry Best Practices herein stated shall mean methods or techniques that have been generally accepted as superior to any alternatives because they produce results that are superior to those achieved by other means or because they have become a standard way of doing things within the industry.