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.
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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.
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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;
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Examples of Petroleum Asset in a sentence

  • Center for Petroleum Asset Risk Management The University of Texas, Austin, Texas, USA AbstractThis paper develops a decision-analytic model to value commodity price forecasts in the presence of futures markets.

  • 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 Agencies draw support for their “pragmatic” reading from Florida Power & Light Co. v.

  • Value is usually comprised of two components, the underlying or ‘Technical Value’ of the Mineral or Petroleum Asset or Security, as defined in the VALMIN Code, and a premium or discount relating to market, strategic or other considerations.

  • Fair Market Value is the amount of money (or the cash equivalent of some other consideration) determined by the Expert in accordance with the provisions of the VALMIN Code for which the Mineral or Petroleum Asset or Security should change hands on the Valuation Date in an open and unrestricted market between a willing buyer and a willing seller in an “arm’s length” transaction, with each party acting knowledgeably, prudently and without compulsion.

  • The CPs for the designation of a Petroleum Asset as a Borrowing Base Asset may include (i) the completion of satisfactory economic, legal and technical due diligence relating to that Petroleum Asset and creation of Security Interests relating thereto in favour of the Lender and/or (ii) the production of satisfactory evidence that all Authorisations required for the development and/or exploitation of that Petroleum Asset have been obtained.

  • It is the amount of money determined by the Expert in accordance with the provisions of the VALMIN Code for which the Mineral or Petroleum Asset or Security should change hands on the Valuation Date in an open and unrestricted market between a willing buyer and a willing seller in an ““arm’s length”” transaction, with each party acting knowledgeably, prudently and without compulsion.

  • A specific requirement is for the report to comply with Definition 43 of the VALMIN Code that defines “Fair Market Value” of a Mineral or Petroleum Asset or Security.

  • He holds a Certificate in Petroleum Asset Management and Economics from the Department of Petroleum Engineering at Texas A & M University.

  • On or before the date falling 15 Business Days before the date on which the Technical Bank and the Borrower are due to submit their proposals in respect of the Assumptions to be used for any Projection pursuant to Clause 7.4 (Preparatory steps), the Borrower may submit a request to the Facility Agent, the Technical Bank and the Lenders for any Petroleum Asset to be designated a Borrowing Base Asset and/or for any existing Borrowing Base Asset to cease to be designated a Borrowing Base Asset.


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.
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Related to Petroleum Asset

  • Petroleum Products means gasolines and petroleum oil distillates or blend stocks as further described in Item 10.

  • 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.

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

  • Salvage vehicle means any vehicle which is within the last ten (10) model years and which has been damaged by collision or other occurrence to the extent that the cost of repairing the vehicle for safe operation on the highway exceeds sixty percent (60%) of its fair market value, as defined by Section 1111 of this title, immediately prior to the damage. For purposes of this section, actual repair costs shall only include labor and parts for actual damage to the suspension, motor, transmission, frame or unibody and designated structural components;