Net Petroleum definition

Net Petroleum means the value of the total quantity of Petro- leum produced and saved in a given Calendar Year and not used in Petroleum Operations after deduction of the value of the Royalty in such Calendar Year and after recovery of Petroleum Operations Expenditures pursuant to a Contractor’s contract with the Government.
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Net Petroleum means the value of the total quantity of petroleum produced and saved in a given calendar year and not used in petroleum operations after deduction of the value of the royalties made in such calendar year and after recovery of petroleum operations expenditures pursuant to paragraph 9.1;
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Net Petroleum where: The "A Factor" at the indicated (R) Ratio of the cumulative value of Petroleum (determined in accordance with Article 17.3) received by Second Party from production in the Contract Area over the cumulative Petroleum Operations Expenditures on cash basis, except for charges under Articles 16, 18.2 and 18.3, incurred by Second Party shall be: (R) Ratio (A) Factor More than Less than or equal to 1.0 1.5 {redacted} 1.5 2.0 {redacted} 2.0 2.5 {redacted} 2.5 3.0 {redacted} 3.0 {redacted} For purposes of this Article 17.1 c, the (R) Ratio applied to each quarter of any Calendar Year shall be the ratio prevailing as of the immediately preceding quarter. It is being understood that the (R) Ratio shall be re-determined on quarterly basis. The Parties shall agree on a procedure for determination of the (R) Ratio within three months before the beginning of the commercial production.
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Examples of Net Petroleum in a sentence

  • Commencing with the calendar quarter in which the Production Commencement Date occurs and for each calendar quarter thereafter, the CONTRACTOR shall recover all the Petroleum Costs recoverable in that calendar quarter from the lesser of (i) forty percent (40%) of the Net Petroleum Production for that calendar quarter or (ii) the amount of the Petroleum Costs recoverable in that calendar quarter (Cost Recovery Petroleum).

  • The CONTRACTOR shall keep complete and accurate records of measurements of all kinds of Net Petroleum Production for a period of three (3) years after each such measurement was made, and thereafter, pertinent summaries of the same for a period of seven (7) years.

  • Such deposits shall be made on a unit of production basis determined by dividing the current quarter’s Net Petroleum Production by the estimated Net Petroleum Production for the remainder of the Term of the Agreement and multiplying that figure by the Abandonment costs discounted net present value with a discount factor of LIBOR on the first day of each relevant calendar quarter and taking into account the interest earned on the Abandonment fund.

  • Such reconciliation shall be applied during the quarter in which it is calculated subject always to the first sentence of this Article 18.2. In the event such reconciliation would result in CONTRACTOR receiving more than 40% of the Net Petroleum production from such quarter, the excess reconciliation amount shall be carried forward as provided in Article 18.5.

  • The CONTRACTOR’S cumulative revenues shall be the sum of (i) the aggregate value of Net Petroleum Production up to such date, based on the actual price received for Petroleum as set out in Article 19, and (ii) all other revenues received by the CONTRACTOR (other than insurance proceeds) associated with the conduct of the Petroleum Operations and not otherwise taken into account in reducing Petroleum Costs.

  • Therefore CONTRACTOR’s Entitlement would be equal to [32% + (15.6% x 68%)] x Net Petroleum production or 42.608% of Net Petroleum Production.

  • In a particular quarter if the R factor is 1.30 and the Cost Recovery Petroleum for such quarter is 32% of the Net Petroleum Production, then the CONTRACTOR’s Entitlement shall be the sum of 32% of Net Petroleum Production plus 15.6% of Profit Petroleum where Profit Petroleum equals Net Petroleum Production minus Cost Recovery Petroleum (100% - 32% = 68%).


More Definitions of Net Petroleum

Net Petroleum has the meaning given in Article 11.1.
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Related to Net Petroleum

  • Petroleum means the crude oil removed from the earth and the oils derived from tar sands, shale, and coal.

  • Liquefied petroleum gas means a mixture of light hydrocarbons (predominantly propane, butane) that is gaseous under conditions of ambient temperature and pressure and that is maintained in a liquid state by an increase of pressure or lowering of temperature;

  • Crude Petroleum means the direct product of oil wells or a mixture of the indirect products transportable like the direct products and containing not more than two percent (2%) of sediment, water, and other impurities.

  • Petroleum liquids means crude oil, condensate, and any finished or intermediate products manufactured or extracted in a petroleum refinery.

  • Natural Gas Liquids means those hydrocarbon components that can be recovered from natural gas as a liquid including, but not limited to, ethane, propane, butanes, pentanes plus, and condensates;

  • Petroleum Operations means, as the context may require, Exploration Operations, Development Operations or Production Operations or any combination of two or more of such operations, including construction, operation and maintenance of all necessary facilities, plugging and abandonment of Xxxxx, safety, environmental protection, transportation, storage, sale or disposition of Petroleum to the Delivery Point, Site Restoration and any or all other incidental operations or activities as may be necessary.

  • Natural Gas or "Gas" shall mean natural gas, processed, unprocessed, vaporized liquid natural gas, synthetic gas, propane-air mixture or any mixture of these gases.

  • Petroleum Products means gasolines and petroleum oil distillates or blend stocks as further described in Item 10.

  • Ultra Low Sulfur Diesel Fuel means diesel fuel that has a sulfur content of no more than fifteen parts per

  • Oil means petroleum in any form including crude oil, fuel oil, sludge, oil refuse and refined products (other than petrochemicals which are subject to the provisions of Annex II of the present Convention) and, without limiting the generality of the foregoing, includes the substances listed in Appendix I to this Annex.

  • Petroleum refinery means each facility engaged in producing gasoline, kerosene, distillate fuel oils, residual fuel oils, lubricants, or other products through distillation of petroleum or through redistillation, cracking, extracting, or reforming of unfinished petroleum derivatives.

  • Natural gas company ’ means a person engaged in the transportation of natural gas in interstate commerce, or the sale in inter- state commerce of such gas for resale.

  • Petroleum product means gasoline, gasoline−alcohol fuel blends, kerosene, fuel oil, burner oil, diesel fuel oil or used motor oil.

  • Eligible production company means that term as defined under section 455 of the Michigan business tax act, 2007 PA 36, MCL 208.1455.

  • Petroleum and Natural Gas Rights means the entire interest of the Vendor as specified in Schedule "A" in and to the Lands and, insofar as they pertain to the Lands, the Leases.

  • Petroleum UST system means an underground storage tank system that contains petroleum or a mixture of petroleum with de minimis quantities of other regulated substances. Such systems include those containing motor fuels, jet fuels, distillate fuel oils, residual fuel oils, lubricants, petroleum solvents, and used oils.

  • Solid film lubricant means a very thin coating consisting of a binder system containing as its chief pigment material one or more of molybdenum disulfide, graphite, polytetrafluoroethylene (PTFE) or other solids that act as a dry lubricant between faying surfaces.

  • Diesel fuel means the same as that term is defined in Section 59-13-102.

  • Fossil fuel-fired means, with regard to a unit:

  • Compressed natural gas means a mixture of hydrocarbon gases and vapors that consists primarily of methane in gaseous form that has been compressed for use as a fuel to propel a motor vehicle.

  • Gas means any mixture of hydrocarbons and noncombustible gases in a gaseous state consisting primarily of methane.

  • Diesel means a distillate oil which can be used as fuel for the operation of a compression ignition engine and which has an approximate boiling temperature of between 150 °C to 400 °C;

  • Solid Fuel means wood, coal, and other similar organic material or combination of these materials.

  • Geothermal energy means energy contained in heat that continuously flows outward from the earth that is used as the sole source of energy to produce electricity.

  • Nitrogen oxides means nitric oxide and nitrogen dioxide, expressed as nitrogen dioxide (NO2);

  • Oil fuel means any oil used as fuel in connection with the propulsion and auxiliary machinery of the ship in which such oil is carried.