Petroleum Concession Agreement definition

Petroleum Concession Agreement or “PCA” means an agreement pursuant to which the GoP grants to the parties thereto an interest in a Petroleum concession, which interest is subject to the rights, obligations, and liabilities imposed by the applicable Petroleum laws of Pakistan, including the enjoyment of the exclusive right to explore and prospect for, develop, produce, sell and otherwise dispose of Petroleum from the area covered under the Exploration License or the Lease, as the case may be.
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Examples of Petroleum Concession Agreement in a sentence

  • The 1997 Policy was replaced in 2001 by Petroleum Policy 2001, coupled with Petroleum (Exploration and Production) Rules 2001, a model offshore Production Sharing Agreement and a model onshore Petroleum Concession Agreement.

  • However, the GoP issued a clarification in March 2013 that the applicability of the Petroleum Policy, 2012 price will be subject to execution of a supplemental Petroleum Concession Agreement.

  • After first Discovery in each Block (as defined in the applicable Petroleum Concession Agreement for each Block), AEGG shall also bear its proportionate part of any infrastructure cost items such as pipelines and surface facilities related to the Discovery Well, but the Carried Costs shall continue to be borne by Hycarbex until the requisite number of Carried Xxxxx have been drilled (i.e. 2 xxxxx on Sanjawi Block and 3 xxxxx on Zamzama North Block).

  • During audit of Director General (Oil) Islamabad for the FY 2018-19, it was observed that M/s OGDCL raised sales invoices from 2007-2012 as per price structure defined in Article X to Petroleum Concession Agreement i.e. after inclusion of premium in the oil price.

  • In order to avail the incentives of this Policy a Model Supplemental Agreement (SA) shall be developed and SA to the respective Petroleum Concession Agreement (PCA) shall be executed.

  • Among the further contractual provisions aimed at strengthening the protection of the private party with respect to the regulatory power of the state party to the oil contract, are: • The clause according to which the contract has the force of law of the state (Petroleum Concession Agreement, art.

  • The Petroleum Concession Agreement gives Mena the right to drill for petroleum reserves.

  • It may also be noted that similar provisions do exist in onshore Model Petroleum Concession Agreement which stand cleared by CBR.

  • A study submitted by Pelinka (2001) revealed that the health status of immigrants is influenced by the following factors: a) culture derived from the country of origin (especially pertaining to Muslim women), b) pattern of migration (legal/illegal/asylum seeker), c) ecological / environmental conditions, d) status (income; wealth) and e) housing conditions.

  • Article 30.1 of Model Petroleum Concession Agreement states that the operator shall conduct all exploration, exploitation, drilling, development, and production operations in accordance with good international oilfield practices and the principles and standards as laid down in the Rules.

Related to Petroleum Concession Agreement

  • 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;

  • petroleum agreement means an agreement for the purpose of petroleum activities entered into by Government and another person in accordance with this Act;

  • Concession Contract means a contract for pecuniary interest concluded in writing between one or more economic operators and one or more contracting authorities within the meaning of Articles 168 and 172, in order to entrust the execution of works or the provision and management of services to an economic operator (the ‘concession’). The remuneration shall consist either solely in the right to exploit the works or services or in that right together with payment. The award of a concession contract shall involve the transfer to the concessionaire of an operating risk in exploiting those works or services encompassing demand risk or supply risk, or both. The concessionaire shall be deemed to assume an operating risk where, under normal operating conditions, there is no guarantee of recouping the investments made or the costs incurred in operating the works or the services at stake;

  • Charter Agreement means an agreement made in accordance with Section 53G-5-303 that authorizes the operation of a charter school.

  • Offtake Agreement means the offtake agreement dated May 13, 2008 with Glencore International AG pursuant to which the Company agreed to sell in U.S. dollars to Glencore, and Glencore agreed to acquire, 100% of the V2O5 production at the Maracás Menchen Mine. The Offtake Agreement was terminated effective April 30, 2020. See "Description of the Business - Marketing and Distribution".

  • Petroleum refinery means each facility engaged in producing gasoline, kerosene, distillate fuel oils, residual fuel oils, lubricants, or other products through distillation of petroleum or through redistillation, cracking, extracting, or reforming of unfinished petroleum derivatives.

  • Easement Agreement means any conditions, covenants, restrictions, easements, declarations, licenses and other agreements listed as Permitted Encumbrances or as may hereafter affect the Leased Premises.

  • 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.

  • Sale Contract means a contract providing for the sale of one or more projects to one or more contracting parties and includes a contract providing for payment of the purchase price in one or more installments. If the sale contract permits title to the project to pass to the other contracting party or parties prior to payment in full of the entire purchase price, it shall also provide for the other contracting party or parties to deliver to the municipality or to the trustee under the indenture pursuant to which the bonds were issued one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties providing for timely payments, including without limitation, interest thereon for the balance of the purchase price at or prior to the passage of such title.

  • O&M Contract means the operation and maintenance contract that may be entered into between the Concessionaire and the O&M Contractor for performance of all or any of the O&M obligations;

  • Bareboat Charter means the bareboat charter agreement to be executed by the Effective Date by the Borrower as owner and the Charterer as bareboat charterer.

  • Transportation Agreement means an agreement pursuant to the Tariff under which Transporter provides Transportation or other contract services to a Shipper.

  • Co-operation Agreement means an agreement relating to compensation arrangements in the form of the relevant template Co-operation Agreement being:

  • exploration licence means an exploration licence under Part 2 of the Mineral Resources Development Act 1990; S. 3(1) def. of "fish" inserted by No. 40/2002 s. 3(a).

  • Management Agreement means the agreement of the Directors in the form attached hereto as Schedule C. The Management Agreement shall be deemed incorporated into, and a part of, this Agreement.

  • leasing agreement means an agreement by which one person (the lessor) grants a right to possession or control of an object (with or without an option to purchase) to another person (the lessee) in return for a rental or other payment;

  • Royalty Agreement means the amended royalty agreement between the Partnership, Vermilion, 1209963 Alberta Ltd. and the Trust dated January 22, 2003 providing for the creation of the Royalty;

  • Construction Agreement means the proposed building agreement between the Company and a proposed builder substantially in the form of the draft agreement a copy of which has been signed on behalf of the Authority and the Company for the purposes of identification;

  • Petroleum Operations means, as the context may require, Exploration Operations, Development Operations or Production Operations or any combination of two or more of such operations, including construction, operation and maintenance of all necessary facilities, plugging and abandonment of Xxxxx, safety, environmental protection, transportation, storage, sale or disposition of Petroleum to the Delivery Point, Site Restoration and any or all other incidental operations or activities as may be necessary.

  • Petroleum liquids means crude oil, condensate, and any finished or intermediate products manufactured or extracted in a petroleum refinery.

  • Joint Operating Agreement (JOA) means the operating and participating agreement between the Parties constituting the Contractor that governs their operational activities, obligations and responsibilities under this Contract,

  • PJM Operating Agreement means the Amended and Restated Operating Agreement of PJM on file with the Commission.

  • Licence Agreement means an agreement (whether or not in writing) between the owner of student accommodation and a student giving a licence to the student;

  • Supply contract means a contract under which a lessor buys or leases goods to be leased.

  • Oil and Gas Hedging Contracts means any oil and gas purchase or hedging agreement, and other agreement or arrangement, in each case, that is designed to provide protection against oil and gas price fluctuations.

  • 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.