Joint Petroleum Development Area definition

Joint Petroleum Development Area means the Joint Petroleum Development Area established in Article 3 of the Timor Sea Treaty;
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Joint Petroleum Development Area. (“JPDA”) means the area referred to in Article 3 of the Timor Sea Treaty.
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Joint Petroleum Development Area means the Joint Petroleum Development Area as established under section 3 of the Timor Sea Treaty.
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Examples of Joint Petroleum Development Area in a sentence

  • If it is necessary to determine whether a resources installation is attached to the seabed in the Joint Petroleum Development Area, subsection (9) has effect as if a reference to the Australian seabed were a reference to the seabed in the Joint Petroleum Development Area.

  • Joint Petroleum Development Area has the same meaning as in the Petroleum (Timor Sea Treaty) Act 2003.

  • On 7 August 2020, the Company, in its capacity as Operator, on behalf of the Joint Venture Participants in Joint Petroleum Development Area (“JPDA”) 06-103 Production Sharing Contract (“PSC”) in East Timor announced it had executed a Deed of Settlement and Release (Deed) with the Autoridade Nacional Do Petroleo E Minerais (“ANPM”) to terminate the ongoing arbitration proceedings arising from the termination of the PSC by the ANPM in 2015 and settle all claims and counterclaims between the parties.

  • The Joint Petroleum Development Area is an area in the Timor Sea that is subject to an agreement between Australia and East Timor for the extraction of petroleum products.

  • The express application of the Act to the Joint Petroleum Development Area — an agreed joint development area under the Timor Sea Treaty [2003] ATS 13 — is consistent with the obligations of Australia under article 4(1) of the Treaty between Australia and Timor- Leste on Certain Maritime Arrangements in the Timor Sea [2007] ATS 12.

  • Oil and gas revenues have surged since 2005 as major projects in the Joint Petroleum Development Area that Timor-Leste shares with Australia have come online.

  • The Treaty is applicable to the Sunrise and Troubadour petroleum deposits (collectively known as Greater Sunrise), which extend across the eastern boundary of the Joint Petroleum Development Area (JPDA) created under the Timor Sea Treaty.

  • The valued added tax that Timor-Leste is permitted to impose under the Timor Sea Treaty in the Joint Petroleum Development Area continues to apply in the Joint Petroleum Development Area.

  • Timor-Leste benefits from the commercial exploitation of petroleum resources in the Joint Petroleum Development Area (JPDA) in the Timor Sea, which are shared with Australia.

  • Petroleum operations in the Joint Petroleum Development Area (JPDA) and Timor-Leste’s exclusive areas are conducted according to PSCs concluded between the Autoridade Nacional do Petróleo e Minerais (ANPM) and Contractors.In addition, the TST guarantees that taxation is divided between 90% of the revenue from the JPDA to Timor-Leste and 10% to Australia.We note that in 2019, a new Law entered into force due to the Resolution 15/2019 of the Ratification of the Timor Sea Treaty.


More Definitions of Joint Petroleum Development Area

Joint Petroleum Development Area means the Joint Petroleum Development Area
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Related to Joint Petroleum Development Area

  • exploration area means that part of the Area allocated to the Contractor for exploration, described in schedule 1 hereto, as the same may be reduced from time to time in accordance with this contract and the Regulations;

  • site development plan means a dimensioned plan drawn to scale that indicates details of the proposed land development, including the site layout, positioning of buildings and structures, property access, building designs and landscaping;

  • Exploration means all activities directed toward ascertaining the existence, location, quantity, quality or commercial value of deposits of Products.