Operatorship definition

Operatorship means the exclusive right, privilege and obligation of exercising any rights granted by the owners or the board to act as operator of a well or drilling unit which rights are necessary and effective for prospecting for, producing, storing, allocating and distributing oil and gas extracted from a well or a drilling unit.

Operatorship has the meaning given to it in Clause 2.1(ii).

Operatorship means responsibility assigned to any person, company or entity to conduct petroleum operations on behalf of the Licensee in the Licence Area.

Examples of Operatorship in a sentence

• No change in Operatorship shall take effect unless it has been approved by the Minister.

• Operatorship including all books and records shall be transferred to FOD.

• The Parties agree that there will be a period from and including the Closing Date until a date to be agreed between the Parties to allow for the smooth transition of the Operatorship from the Farmor to the Farmee (the “Transitional Period”).

• The Farmee shall bear all income, profits, capital gains, withholding or transfer taxes/fees imposed with regard to the transfer pursuant to this Clause 4.3 of the Farmout Interest and/or the Operatorship.

• Furthermore, the Parties acknowledge that the transfer of the Farmout Interest and the Operatorship and the payment of the Consideration are not subject to the results of operations to be carried out during the Interim Period.

• The BOD shall assume its duties and authorities as from the Date of Transfer of Operatorship.

• By the Date of Transfer of Operatorship, the Parties shall enter into the charter of the JOC which shall embody the principles set out in this JOC Heads of Agreement.

• The Parties further agree that if Farmee elects to exercise its Post Closing Termination Right and re-sells to Farmor the Farmout Interest and the Operatorship and withdraw entirely from the this Agreement and the JOA after the completion of the Initial Exploration Period, any preemption rights, preferential purchase rights, or similar provisions shall not apply to the Farmout Interest.

• Subject to such terms, conditions, and obligations herein as are contingent upon the fulfillment of the Conditions, this Agreement and all the obligations of the Parties hereunder shall be effective as from the Effective Date, including but not limited to (a) the Farmor’s obligation to proceed with the transfer of the Farmout Interest and the Operatorship and (b) the Farmee’s obligation to pay the Past Costs and Attributable Costs as provided herein.

• Operatorship of the Xxxxx shall have been transferred from Petrodome Operating, LLC to an operator designated by the Buyer and acknowledged by the State.

More Definitions of Operatorship

Operatorship has the meaning given to it in Clause 2.1(ii). 1.47 Participating Interest means (i) in relation to the Contract, as to any Party that is a party under the Contract the undivided interest of such party expressed as a percentage of the total interest of all parties in the rights and obligations in and under from the Contract; and (ii) in relation to the JOA, as to any party to the JOA, the undivided interest of such party expressed as a percentage of the total interest of all parties in the rights and obligations in and under the JOA.

Operatorship has the meaning given to it in Clause 2.1(ii). 1.47 Participating Interest means (i) in relation to the Contract, as to any Party that is a party under the Contract the undivided interest of such party expressed as a percentage of the total interest of all parties in the rights and obligations in and under from the Contract; and (ii) in relation to the JOA, as to any party to the JOA, the undivided interest of such party expressed as a percentage of the total interest of all parties in the rights and obligations in and under the JOA. 1.48 Past Costs has the meaning given to it in Clause 4.1(iv). 1.49 Parent Company Guarantee has the meaning given to it in Clause 4.1(v). 1.50 Permits means all easements, permits, licences, certificates, servitudes, surface leases, rights-of-way and other rights pertaining to, or used or held for use in connection with the Contract and operations under the JOA. 1.51 Post Closing Termination Right has the meaning given to it in Clause 4.3. 1.52 Records means all Kenyan accounting records, tax records, agreements, documents, computer files and tapes, maps, books, records, accounts, geological, geophysical, reservoir and engineering data, environmental reports, studies and all other files of Farmor relating to the Farmout Interest, the Operatorship and the Contract. This definition shall not include any information, over which legal privilege would extend, Xxxxxx's interpretation of the Records or managerial reports and decision-making documents. 1.53 Retained Interest means the thirty five percent (35%) Participating Interest in the Contract, held by the Farmor after the transfer of the Farmout Interest. 1.54 Rules has the meaning given to it in Clause 10.2(iii). 1.55 Security means any parent company guarantee or any other guarantee which may be provided by a Party in favour of the Government, if so required by the Government, with respect to the discharge of its obligations under the Contract. 1.56 Supplementary Attributable Costs has the meaning given to in Clause 4.1(vi). 1.57 Supplementary Attributable Costs Letter of Credit means an letter of credit to be provided by the Farmor or an Affiliate to the Farmee to guarantee the repayment to the Farmee of any Supplementary Attributable Costs pursuant to Clause 3.3(vi). 1.58 3D Acquisition has the meaning given to it in Clause 4.1(ii)(b)(2). -7- 1.59 Transferring Party has the meaning given to in Clause 13.1(iii). 1.60 Transitional Agreement means the agreement to be entered i...

Operatorship means the duties of the Operator as defined under the JOA.

Operatorship means the period in which a person is the Operator;