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;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

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;

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;

Examples of Oil Mining Lease in a sentence

• By a letter dated the 3rd day of July 1998, the Ministry of Petroleum Resources granted to the Assignor Oil Mining Lease (OML) 113.

• Section 3.2 Insert at the beginning of Section 3.2: For activities under CXY Service Subcontract, all Petroleum Costs, all costs of well incurred on any Oil Mining Lease relating to OPL 75 and all Operating Costs shall be provided by CXY, not SOGW.

• The parties have executed and created the deed entitled Option Deed relating to the Oil Mining Lease 113 Offshore Nigeria and dated 26th July 2006 (“Principal Agreement”).

• The MANAGEMENT COMITTEE shall vote to determine whether to proceed to apply for an Oil Mining Lease and on the configuration of the area to be covered by the Oil Mining Lease.

• In the event that a decision is reached to apply for an Oil Mining Lease, then the OPERATOR with the assistance of the TECHNICAL ADVISOR shall prepare the required application and submit it to the Minister.

• Upon Contractor's determination that a Discovery is a Commercial Discovery, the Contractor shall request a meeting of the Operating Committee to consider and approve the existence of a Commercial Discovery, Upon such approval, Atlas, with the assistance of the Contractor, shall submit the necessary documentation and supporting information to the DPR as required under the Concession or the applicable laws or regulations of the Federal Republic of Nigeria for an Oil Mining Lease.

• The Seller was the holder of a 60% interest under OPL 246 and, together with others, has applied for and been granted Oil Mining Lease 130 ("OML 130").

• OML 120 Oil Mining Lease 120 OPL 210 Oil Prospecting Licence 210 Opex Operating expenditure Oyo Field Oyo oilfield located within the OML 120 in the Gulf of Guinea, offshore Nigeria PAPI Pacific Asia Petroleum Inc.

More Definitions of Oil Mining Lease

Oil Mining Lease. ("OML") means a lease granted by the Minister of Petroleum and Mineral Resources under the Petr▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ a lessee to search for, win, work, carry away and dispose of Petroleum.

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.

Oil Mining Lease means an Oil Mining Lease resulting from the OPL obtained in accordance with the laws of the Federal Republic of Nigeria.

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;

Oil Mining Lease has the same meaning attributed to such term in the ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, as amended.

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]