Oil Mining Lease definition

Oil Mining Lease means a lease granted to a company, under the Minerals and Mining Act, for the purpose of winning petroleum or any assignment of such lease;[Cap. MI2.]
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Oil Mining Lease means a lease granted by the Minister to a company incorporated in Nigeria, which allows such company to search for, win, work, carry away, and dispose of petroleum;
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Oil Mining Lease means a lease granted to a company, under the Minerals Act or the Petroleum Act, CAP N12, LFN 2004 for the purpose of winning petroleum or any assignment of such lease;
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Examples of Oil Mining Lease in a sentence

  • NAFCON National Fertilizer Company of Nigeria BTU British Thermal Unit NAOC Nigeria Agip Oil Company NEPA National Electric Power Authority NGC Nigerian Gas Company NGL Natural Gas Liquids NNPC Nigerian National Petroleum Corporation NPDC Nigerian Petroleum Development Company OML Oil Mining Lease OPL Oil Prospecting Licence Petrochem.

  • Account: A connection to a water system, which is billed for service.American Water Works Association (AWWA)‐ An international organization that sets standards for water works products and represents the interests of the North American water utilities and their suppliers.Apparent Losses – In distribution system water audit apparent losses represent the “paper” losses that occur when volumes of water reach a use, but are not properly measured or recorded.

  • Under paragraphs 8, 9, 10, 11, 12 and 13 of the 1st schedule, petroleum act, the holder of Oil Mining Lease enjoys all the rights of an OPL holder.

  • The main asset of Eland Oil and Gas Plc is Oil Mining Lease 40 located in the Niger Delta.

  • XXXXXX was awarded the offshore Nigerian Oil Prospecting License number 2012 (“OPL 2012”) on June 15, 2007 AND WHEREAS XXXXXX has given XXXXXXX, the “Power of Attorney” to represent the company, in all transactions relating to the said concession (OPL 2012) AND WHEREAS OPL 2012 will be converted into an Oil Mining Lease (OML) number to be granted by the Minister of Petroleum Resources of the Federal Republic of Nigeria under the Petroleum Act.

  • In June 2014, CINRL was selected as the winning bidder for a 45% participating interest in active Oil Mining Lease 25 (“OML 25”) in the Niger Delta region, offered by joint venture partners The Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and Nigerian AGIP Oil Company Limited (collectively the “Shell JV”).

  • OPERATIONS UPDATE Prime - Nigeria The main assets of Prime are an indirect 8% interest in Oil Mining Lease ("OML") 127 and an indirect 16% interest in OML 130.

  • In 2015, a native oil firm, Belema Oil, was authorized by some Ogoni community leaders to start oil extraction from the Oil Mining Lease (OML II) which is one of the biggest onshore oil blocks in Nigeria, comprising of 33 oil and gas fields, but MOSOP and some civil society groups disallowed the authorization (Yakubu, 2017; Umar & Othman, 2017).

  • On 8 January 2006, the Company signed a definitive agreement with South Atlantic Petroleum Limited (“SAPETRO”) to acquire a 45% working interest in the Offshore Oil Mining Lease 130 (“OML130”) in Nigeria (the “OML130 Transaction”) and the OML130 Transaction was completed on 20 April 2006.

  • Just as the relationship of “lease” gives rise to landlord and tenant relationship, an Oil Mining Lease (OML) is normally granted by the Minister of Petroleum Resources pursuant to Section 2 of the Petroleum Act6.


More Definitions of Oil Mining Lease

Oil Mining Lease or "OML" means a lease called an oil mining lease issued by the Ministry following the fulfilment of the minimum work obligations or the discovery of Commercial Quantities of Petroleum.
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Oil Mining Lease. ("OML") means a lease granted by the Minister under the Petroleum Act Cap 350, Laws of the Federation of Nigeria 1990 as amended, to a lessee to search for, win, work, carry away and dispose of Petroleum.
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Oil Mining Lease has the same meaning attributed to such term in the Xxxxxxxxx Xxx 0000, as amended.
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Oil Mining Lease or “OML” means a lease issued by the Nigerian government upon conversion of an Oil Prospecting Licence giving the lessee the exclusive right to produce petroleum from the geographical area covered by the Oil Mining Lease;
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Oil Mining Lease means a lease granted to a company, under the Minerals Act or the Petroleum Act, for the purpose of winning petroleum or any assignment of such lease; Cap. 226 [M12]
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Oil Mining Lease means an Oil Mining Lease resulting from the OPL obtained in accordance with the laws of the Federal Republic of Nigeria.
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Related to Oil Mining Lease

  • Mining Lease means the mining lease granted pursuant to Clause 12 and includes any renewal thereof and according to the requirements of the context shall describe the area of land demised as well as the instrument by which it is demised;

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Existing Lease shall have the meaning assigned thereto in Section 10.7.

  • Sub-Lease means the sub-lease entered into following the approval of an Approved Sub-lease;

  • Existing Leases means those leases, license agreements and occupancy agreements identified on Schedule 2.1.3, as the same may be amended or modified from time to time in accordance with the terms of this Agreement.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Lease Agreement means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. Unless the context clearly indicates otherwise, the term includes a sublease agreement.

  • Facility Lease means a lease or master lease with respect to any Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor, to a third party Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that such Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental payments required thereunder such that net operating income to the applicable Consolidated Party for such Real Property Asset (before non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and substance reasonably satisfactory to the Administrative Agent.

  • mineral lease means the mineral lease referred to in clause 8(1)(a) hereof and includes any renewal thereof;

  • Real Property Lease has the meaning set forth in Section 3.9(b).

  • Base Lease means the Base Lease Agreement delivered concurrently with this Lease between the Company and the Issuer.

  • Oil and Gas Leases means all leases, subleases, licenses or other occupancy or similar agreements (including any series of related leases with the same lessor) under which a Person leases, subleases or licenses or otherwise acquires or obtains rights to produce Hydrocarbons from real property interests.

  • Site Lease or “Lease” means the Site Lease of even date herewith, by and between the District and the Lessor together with any duly authorized and executed amendment thereto under which the District leases the Site to the Lessor.

  • Master Leases means the PropCo Master Leases and each other Material Master Lease.

  • Wet Lease means any arrangement whereby Owner or a Permitted Lessee agrees to furnish the Aircraft, Airframe or any Engine to a third party pursuant to which the Aircraft, Airframe or Engine shall at all times be in the operational control of Owner or a Permitted Lessee, provided that Owner’s obligations under the Trust Indenture shall continue in full force and effect notwithstanding any such arrangement.

  • Company Leased Real Property has the meaning set forth in Section 3.14(b).

  • Sublease means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Sublease Agreement means that certain Sublease Agreement, dated as of May 1, 2021 by and between the Company and the Agency.

  • Master Lease Agreement has the meaning set forth in Section 7.2(c)(xiv).

  • Master Lease means that certain [Master Lease title], relating to the leasing of, inter alia, the Healthcare Facility by Borrower to Master Tenant.

  • Concession Agreement means the Concession Agreement referred to in Recital (A) above and annexed hereto as Annex-A, and shall include all of its Recitals and Schedules and any amendments made thereto in accordance with the provisions contained in this behalf therein;

  • Material Leased Real Property has the meaning specified in Section 5.7(b).

  • Ground Leases shall have the meaning set forth in Section 4.15.