maximum economic recovery definition
maximum economic recovery means the recovery of economically recoverable petroleum in a manner that creates the maximum project value for investors and the State, through:
maximum economic recovery means the highest reasonably possible recovery of Petroleum from Reservoirs and formations using Development and Production practices, which at the time such practices are applied are commercial under the prevailing economic conditions, and which consist of the optimal spacing of vertical and horizontal ▇▇▇▇▇, the Production of ▇▇▇▇▇ at not higher than the maximum efficient rate, carrying out regular workovers, drilling of infill and extension ▇▇▇▇▇, fracturing of formations and implementing secondary and tertiary recovery schemes, using the most effective technologies existing when the practices are applied.
Examples of maximum economic recovery in a sentence
The Minister shall require unitisation where the carrying out of a joint Field Development Plan is essential for the Maximum Economic Recovery of the Petroleum.