Joint Oil definition

Joint Oil means the Joint Exploration, Production, and Petroleum Services Company that is owned equally by the Tunisian government via ETAP and the Libyan government via Libya Oil Holdings.
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Joint Oil means the Tunisian/Libyan company 'Joint Exploration, Production, and Petroleum Services Company' that is owned equally by the Tunisian government via Entreprise Tunisienne d'Activites Petrolieres and the Libyan government via Libya Oil Holdings.
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Examples of Joint Oil in a sentence

  • Performs intake and exhaust inspections, thru flight inspections and engine Joint Oil Analysis Program (JOAPS).

  • For the purposes of determining the value of Crude Oil (excluding the Associated Gas) received by Second Party, the prices shall be set monthly by Joint Oil and shall be determined on the basis of prices for similar crude oil in the world market and on arms length trading between non-affiliated companies.

  • If an extension of the Exploration Period is required to complete this Appraisal, a reasonable period will be granted by Joint Oil not exceeding two (2) years.

  • Upon such a termination of the EPSA, any and all rights and interests of SRC under the EPSA or in respect of the Contract Area, including those portions of the Contract Area that have been as of the time of such termination designated as Exploitation Areas, shall terminate and revert to Joint Oil.

  • If such amount is payable by SRC, but SRC fails to pay such amount in full within forty-five days after December 23, 2015, then in addition to and without affecting SRC's obligation to pay such amount, Joint Oil shall have the right to terminate the EPSA upon written notice to SRC.

  • Upon such a termination of the EPSA, any and all rights and interests of SRC under the EPSA or in respect of the Contract Area, including those portions of the Contract Area that have been as of the time of such termination designated as Exploitation Areas, shall terminate and revert to Joint Oil and SRC shall pay to Joint Oil the sum of USD 15 Million as the liquidated damages payable in respect of the remaining segment of the Second Phase Work Program within forty-five (45) days after such termination.

  • Should Operator fail to take such measures or actions, Joint Oil, on behalf of the Competent Authorities of GSPLAJ or TUNISIA or any other concerned governmental authority of GSPLAJ or TUNISIA shall carry out or direct the carrying out of such measures as it deems necessary in the circumstances and shall be entitled to be reimbursed for the costs of such measures from Second Party as well as any damages and remedies paid to third parties as per Article 19.1.2.

  • Joint Oil and SRC acknowledge and agree that, in the event that any such liquidated damages are payable, Joint Oil shall not be limited to recourse under any bank guarantee or the corporate guarantee provided by or on behalf of SRC as contemplated above and are in addition to all rights and remedies that Joint Oil may have at law or in equity in order to enforce payment of such amounts.

  • If such amount is payable by SRC, but SRC fails to pay such amount in full within forty-five days after December 23, 2013, then in addition to and without affecting SRC's obligation to pay such amount, Joint Oil shall have the right to terminate the EPSA upon written notice to SRC.

  • If such amount is payable by SRC, but SRC fails to pay such amount in full within forty-five days after December 23, 2014, then in addition to and without affecting SRC's obligation to pay such amount, Joint Oil shall have the right to terminate the EPSA upon written notice to SRC.

Related to Joint Oil

  • JOINT OWNER A Contract may be owned by Joint Owners. If Joint Owners are named, any Joint Owner must be the spouse of the other Contract Owner. Upon the death of either Contract Owner, the surviving spouse will be the primary Beneficiary. Any other Beneficiary designation will be treated as a contingent Beneficiary unless otherwise indicated in an Authorized Request.

  • Joint Operations means all operations necessary or proper for the development, operation, protection and maintenance of the Joint Property.

  • joint operation means 2 or more joint holders must authorise any withdrawal, payment or transfer from the account (including a direct debit)

  • Joint Operating Agreement (JOA) means the operating and participating agreement between the Parties constituting the Contractor that governs their operational activities, obligations and responsibilities under this Contract,

  • Point of Interconnection means the point or points where the Customer Interconnection Facilities interconnect with the Transmission Owner Interconnection Facilities or the Transmission System.