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 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 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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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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Examples of Net Petroleum in a sentence

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

  • June 30, 2005 Cost Petroleum and natural gas properties Office furniture and equipment $ 279,192 2,533 $ 281,725 Cost Accumulated depletion & depreciation Net Petroleum and natural gas properties $223,637 $(76,505) $147,132 Office furniture and equipment 2,158 (832) 1,326 $225,795 $(77,337) $148,458 In the first six months of 2005 there was $39,000 (2004 - $602,000) general and administrative expense capitalized and included in the cost of the petroleum and natural gas properties.

  • Accumulated depletion and Cost depreciation Net Petroleum and natural gas properties $221,551 $75,967 $145,584 Office furniture and equipment 2,158 832 1,326 $223,709 $76,799 $146,910 In the first quarter of 2005 there was $39,000 (2004 - $306,000) general and administrative expense capitalized and included in the cost of the petroleum and natural gas properties.

  • U.S. Posts First Month in 70 Years as a Net Petroleum Exporter." Bloomberg.

  • 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).

  • 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%).

  • Balance Net Petroleum Non- PeriodTotalAdjustment(1)Petroleum1992Jan.

  • 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.

  • 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.

  • As long as Second Party has not fully recovered the cost of the relevant facilities used by third parties, revenue, after deduction of related costs, received from services provided to any third party shall be allocated to the Parties according to the allocation of Net Petroleum as then prevailing.


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” means wet gas, dry gas, all other gaseous hydrocarbons, and all substances contained therein, including sulphur and helium, which are produced from oil or gas xxxxx, excluding those condensed or extracted liquid hydrocarbons that are liquid at normal temperature and pressure conditions, and including the residue Gas remaining after the condensation or extraction of liquid hydrocarbons from Gas such that any Gas sold under this Agreement shall be of the quality as indicated in Clause 7.

  • 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 million.

  • Oil ’ means oil of any kind or in any form, including, but not limited to, petroleum, fuel oil, sludge, oil refuse, and oil mixed with wastes other than dredged spoil;

  • 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 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.

  • 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 Vendor’s entire interest in those Petroleum Substances underlying the Lands in the respective formations to the extent that the same are described in Schedule “A” and are granted by the Leases, subject to the Permitted Encumbrances, and includes the interest and right of the Vendor in any lands or leases with which those Petroleum Substances have been pooled or unitized;

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

  • Fossil fuel-fired means the combustion of fossil fuel or any derivative of fossil fuel, alone or in combination with any other fuel, independent of the percentage of fossil fuel consumed in any calendar year (expressed in mmBtu).

  • 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 natural gas, manufactured gas, synthetic natural gas, liquefied petroleum gas or propane-air gas, or a mixture of any of them, but does not include a liquefied petroleum gas that is distributed by means other than a pipeline;

  • 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;

  • 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);

  • Net energy billing means a billing and metering practice under which a customer-generator is billed on the basis of net energy over the billing period.

  • Liquefied natural gas or “LNG” means natural gas that has been liquefied.

  • Fossil fuel means natural gas, petroleum, coal, or any form of solid, liquid, or gaseous fuel derived from such material.

  • Approved Petroleum Engineers means (a) Netherland, Xxxxxx & Associates, Inc., (b) Xxxxx Xxxxx Company Petroleum Consultants, L.P. and (c) any other independent petroleum engineers reasonably acceptable to the Administrative Agent.