Petroleum Asset definition

Petroleum Asset means (i) any Petroleum field, pipeline transmission system or other Petroleum project, (ii) the facilities relating to such field, system or project and/or (iii) the interests in such field, system, project or facilities.

Petroleum Asset means any assets related to the exploration for or exploitation, production, treatment, processing, transportation, storage, marketing and sale of petroleum products including, but without limitation, any contractual rights under any agreement entered into in relation to or incidental or ancillary thereto, any equity or participating interest in any entity which has such an interest or which conducts such activities and any right which would allow a person to obtain title to or an interest in any petroleum products.

Petroleum Asset means any assets related to the exploration for or exploitation, production, treatment, processing, transportation, storage, marketing and sale of petroleum products including, but without limitation, any contractual rights under any agreement entered into in relation to or incidental or ancillary thereto, any equity or participating interest in any entity which has such an interest or which conducts such activities and any right which would allow a person to obtain title to or an interest in any petroleum products;

Examples of Petroleum Asset in a sentence

• Any Obligor ceases to operate its interests in any Petroleum Asset in all material respects in accordance with Environmental Laws, Environmental Licences and good industry practice.

• The Borrower shall not (unless the Majority Lenders and the Technical Banks otherwise consent) acquire or agree to acquire any interest in any Petroleum Asset other than the Development Asset.

• The Borrower shall comply in all material respects with all Environmental Laws and all material Environmental Licences applicable to it in connection with any Petroleum Asset (and the Petroleum fields comprised therein) in respect of which the Borrower has an interest or any activity relating thereto.

• No Obligor may, without the prior written consent of the Facility Agent (acting on the instructions of the Majority Lenders (acting reasonably)), make any acquisition of, or investment in, any Petroleum Asset or any entity that holds interest in a Petroleum Asset, in each case, which is not a Permitted Acquisition.

More Definitions of Petroleum Asset

Petroleum Asset means any exploitation area in Peru containing hydrocarbon accumulations with respect to which BPZ Exploración has entered into a License Contract with Perupetro ((x) only to the extent of its rights and interest thereunder and (y) only to the extent its rights and interest therein have not been transferred pursuant to the Permitted License Transfers), approved by a Supreme Decree of the Government of Peru, for the exploration and exploitation of hydrocarbons.