National Petroleum Agency definition

National Petroleum Agency or “Agência Nacional do Petróleo” means the national regulatory agency established by the Government Decree-Law 5/2004 of the 30th of June, which is responsible for the regulation and supervision of Petroleum Operations or any agency which succeeds the National Petroleum Agency with respect to some or all of its powers;

National Petroleum Agency. – shall mean the governmental legal entity with authority to regulate the national petroleum industry;

National Petroleum Agency means the National Petroleum Agency as established in [Law No. [__], dated as of [___], 2004] [the respective law currently under the review of the National Assembly].

Examples of National Petroleum Agency in a sentence

• The costs and expenses of such National Petroleum Agency personnel shall be included in Operating Costs.

• Costs for the qualified firm of chartered accountants shall be borne by the National Petroleum Agency.

• The conduct of Petroleum Operations and provision of financial and technical requirements by the Contractor under this Contract shall be with the prior approval of or in prior consultation with the National Petroleum Agency as required under this Contract or the Petroleum Law.

• All policies shall name the National Petroleum Agency as a co-insured with a waiver of subrogation rights in favor of the Contractor.

• In connection with the review of the annual Work Program and Budgets, the National Petroleum Agency may propose additional budgets for training and the Parties may mutually agree to such proposal.

• However, prior to the commencement of Production of Crude Oil from the Contract Area, the Contractor shall submit to the National Petroleum Agency, a program for the utilization of any Associated Natural Gas that has been discovered in the Contract Area, which shall be subject to the approval of the National Petroleum Agency.

• If the Contractor fails to justify a commercial development within the agreed timeframe and if the National Petroleum Agency determines that a sufficient volume of Unassociated Natural Gas exists, the National Petroleum Agency shall have the right to propose to the Contractor a commercial development of such Natural Gas.

• Any cost in respect of such proposals or investigation presented by the Contractor to the National Petroleum Agency shall be included in Operating Costs.

• Officials of the National Petroleum Agency and the Contractor shall have access to such books and accounts at all times upon reasonable notice.

• The Contractor shall report on the cumulative production in the Contract Area in a format to be agreed with the National Petroleum Agency.

More Definitions of National Petroleum Agency

National Petroleum Agency means the agency of the State established by the State's Decree - Law No. 5/2004, of the 14th of June, which is responsible for the regulation and supervision of Petroleum Operations or any agency which succeeds the National Petroleum Agency with respect to some or all of its powers;

National Petroleum Agency means the national regulatory organ created by Law No. 5/2004, of the 14th of June, which is responsible for the regulation, contracting and supervision of Petroleum Operations;

National Petroleum Agency means the national regulatory agency established by the Government of the Democratic Republic São Tomé and Principe Decree-Law 7/2014 of the 25th of April;

National Petroleum Agency or "Agência Nacional do Petróleo" means the State regulatory agency established by the Government Decree-Law 5/2004 of the 30th of June, which is responsible for the regulation and supervision of Petroleum Operations or any agency which succeeds the National Petroleum Agency with respect to some or all of its powers; "Natural Gas" or “Gas” means all gaseous hydrocarbons and inerts, including wet mineral gas, dry mineral gas, gas produced in association with Crude Oil and residue gas remaining after the extraction of liquid hydrocarbons from wet gas, but not including Crude Oil; "Oil Revenue Law" means the oil revenue law of the State, Law No. 8/2004 of the 30th of December, as amended, supplemented or replaced from time to time; "Operating Costs" means expenditures incurred and obligations made as determined in accordance with Article 2 of the Accounting Procedures; 6 "Parties" or "Party" means the parties or a party to this Contract; "Person" means any individual or legal entity, consortium, join venture, partnership, trust, heir, unincorporated or incorporated organization, or government or any agency or local entity, whether national or foreign, Resident or Non-Resident (as defined in the Petroleum Taxation Law) of Sao Tome and Principe; "Petroleum" means: