Model Production Sharing Contract definition

Model Production Sharing Contract means the model contract as appears in Annex C, on the basis of which production sharing contracts for Area A should be concluded, as may be modified from time to time by the Ministerial Council in accordance with paragraph 1(c) of Article 6 of this Treaty;
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Model Production Sharing Contract means the model contract as appears in Annex C, on the basis of which production sharing
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Model Production Sharing Contract means the model production sharing contract prepared by the National Petroleum Agency, and approved by the Government, to be used as the basis for negotiations between the National Petroleum Agency and Persons who have expressed an interest in becoming a Contractor;
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Examples of Model Production Sharing Contract in a sentence

  • The Petroleum Mining Code, in accordance with paragraph 1(b) of Article 6 of this Treaty and the Model Production Sharing Contract, in accordance with paragraph 1(c) of Article 6 of this Treaty, may also be amended or modified by decision of the Ministerial Council.

  • Such amendments or modifications shall have the same status as the Petroleum Mining Code and the Model Production Sharing Contract.

  • In addition to the Petroleum Fund Law, a Petroleum Law, Model Production Sharing Contract (PSC), and Petroleum Tax Law were adopted in 2005.

  • Further, on reading of section 42 along with the Model Production Sharing Contract, it is not clear whether tax payer is eligible to claim deduction for exploration expenses (including survey expenditure) and drilling expense in the year of incurrence against other business income even though no commercial production has been started.

  • The requirement for environmental assessments of off-shore activities is included in the Model Production Sharing Contract, and is part of the Development Plan, which is to include an EIA and proposals for environmental management covering the life of the project.

  • After the deduction of Royalties and approved recoverable costs, all Petroleum produced under a Petroleum Contract based on the Model Production Sharing Contract shall be shared between the State and the Contractor in accordance with the provisions set forth in the respective Petroleum Contract.

  • Contracts entered into between Contractors and the State shall be based on the Model Production Sharing Contract attached to this Law and will be an integral part of thesame.

  • The company will commence petroleum operations not later than six months from the Effective Date of the contract, as defined in the Model Production Sharing Contract (MPSC).

  • As a minimum requirement a draft contract based on the Model Production Sharing Contract shall be completed and lodged, and applications shall set out details of the work program and expenditure commitments, and the financial capability and technical knowledge and ability available to the applicant.

  • Instead, the requirements are set out in the Model Production Sharing Contract (2001) and the Model Exploration Study Agreement (2001).

Related to Model Production Sharing Contract

  • Supply contract means a contract under which a lessor buys or leases goods to be leased.

  • Refined Products means gasoline, diesel fuel, jet fuel, asphalt and asphalt products, and other refined products of crude oil.

  • Clinical Supply Agreement has the meaning set forth in Section 4.2.

  • sales contract means a contract under which a trader transfers or agrees to transfer the ownership of goods to a consumer and the consumer pays or agrees to pay the price, including any contract that has both goods and services as its object. Conformity

  • Offtake Agreement means the offtake agreement dated May 13, 2008 with Glencore International AG pursuant to which the Company agreed to sell in U.S. dollars to Glencore, and Glencore agreed to acquire, 100% of the V2O5 production at the Maracás Menchen Mine. The Offtake Agreement was terminated effective April 30, 2020. See "Description of the Business - Marketing and Distribution".

  • Contract Quantity means the quantity of Delivered Energy expected to be delivered by Seller during each Contract Year as set forth in the Cover Sheet.

  • Crude Oil means any liquid hydrocarbon mixture occurring naturally in the earth whether or not treated to render it suitable for transportation and includes:

  • Transportation Service Agreement means the contract between KUB and the Customer whereby KUB agrees to provide transportation gas service to the Customer.

  • Harvest batch means a specifically identified quantity of dried flower or trim, leaves, and other cannabis plant matter that is uniform in strain, harvested at the same time, and, if applicable, cultivated using the same pesticides and other agricultural chemicals, and harvested at the same time.

  • Storage Contract means the contract described in paragraph 8.3.3 of the Conditions of Business or paragraph

  • Network Supply Point or "NSP" means any Point of Connection between:

  • Customer Contract means a Contract (or group of related Contracts) pursuant to which any Group Company, after giving effect to the Pre-Closing Business Transfers, licenses or otherwise provides products and services to customers of the Business.

  • Fuel supplier means an entity supplying fuel to the market that is responsible for passing fuel through an excise duty point or, in the case of electricity or where no excise is due or where duly justified, any other relevant entity designated by a Member State;

  • Feedstock Gas means natural gas used as a raw material for its chemical properties in creating an end product.

  • Data Processing Equipment means any equipment, computer hardware, or computer software (and the lease or licensing agreements related thereto) other than Personal Computers, owned or leased by the Failed Bank at Bank Closing, which is, was, or could have been used by the Failed Bank in connection with data processing activities.

  • Product Group or “the Group” means a group of lotteries that has joined together to offer a product pursuant to the terms of the Multi-State Lottery Agreement and the Product Group’s own rules.

  • licensed water supplier means a company which is the holder for the time being of a water supply licence under Section 17A(1) of the 1991 Act(f);

  • Generation Interconnection Feasibility Study means a study conducted by the Transmission Provider (in coordination with the affected Transmission Owner(s)) in accordance with Tariff, Part IV, section 36.

  • Daily Contract Quantity or “DCQ” means the quantity of Gas as set out in Clause 4.1 herein.

  • Generation Interconnection Customer means an entity that submits an Interconnection Request to interconnect a new generation facility or to increase the capacity of an existing generation facility interconnected with the Transmission System in the PJM Region.

  • Petroleum product means crude oil, petroleum, refined petroleum products, byproducts and intermediate feed stocks, and other energy-related commodities, including, without limitation, blend components commonly used in the petroleum industry to improve characteristics of, or meet governmental or customer specifications for, petroleum or refined petroleum products.

  • Mineral Products means the commercial end products derived from operating the Property as a mine:

  • mixed supply means two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each other by a taxable person for a single price where such supply does not constitute a composite supply.

  • Feedstock means any controlled substance or new substance that undergoes chemical transformation in a process in which it is entirely converted from its original composition and whose emissions are insignificant,

  • Definite quantity contract means a fixed price contract that provides for a

  • Sale Contract means a contract providing for the sale of one or more projects to one or more contracting parties and includes a contract providing for payment of the purchase price in one or more installments. If the sale contract permits title to the project to pass to the other contracting party or parties prior to payment in full of the entire purchase price, it shall also provide for the other contracting party or parties to deliver to the municipality or to the trustee under the indenture pursuant to which the bonds were issued one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties providing for timely payments, including without limitation, interest thereon for the balance of the purchase price at or prior to the passage of such title.