Petroleum Costs definition

Petroleum Costs means those expenditures made and obligations incurred by the Contractor in carrying out Petroleum Operations hereunder, determined in accordance with this Contract and the Accounting Procedure attached hereto in Appendix "B" and made a part hereof;

Petroleum Costs means recoverable costs and expenditures incurred and payments made by Contractor and/or Operator in connection with or in relation to the conduct of Petroleum Operations (except corporate income taxes paid in the Republic of Iraq or elsewhere, or as otherwise stipulated herein) determined in accordance with the provisions of this Contract and the Accounting Procedures.

Petroleum Costs means expenditure made and obligations incurred and paid by the contractor in carrying out upstream petroleum operations hereunder, determined in accordance with the accounting procedure attached hereto in Appendix “B” and made a part hereof;

Examples of Petroleum Costs in a sentence

• Any and all costs incurred in connection with such emergency activities shall be regarded as Petroleum Costs for the purpose of cost recovery under Clause 27 and the Accounting Procedure.

• Such expenses shall be considered as recoverable Petroleum Costs according to the provisions of Article 10.2 of this Contract and as deductible charges for purposes of the calculation of Industrial and Commercial Income Tax.

• Such costs shall be considered as recoverable Petroleum Costs with regard to Article 10 of this Contract.

• Such Petroleum Costs are recoverable by the Contractor in accordance with the provisions of the Contract.

• The purpose of this Accounting Procedure is to set the rules and methods of accounting for the verification of Petroleum Costs to provide for their recovery and for the purpose of sharing production in accordance with Article 10 of the Contract, as well as the rules to determine net profits of the Contractor for purposes of calculating the tax on industrial and commercial profits.

More Definitions of Petroleum Costs

Petroleum Costs means all costs and expenses incurred in carrying out the Petroleum Operations under this Contract including and not limited to royalties, exploration and development.

Petroleum Costs means costs and expenses incurred by the Parties and allowed to be recovered pursuant to the Contract.

Petroleum Costs means all expenditures incurred by a Contractor in conducting Petroleum Operations and which are defined in a Petroleum Agreement.

Petroleum Costs means all expenditures made and costs incurred, both within and outside Ghana, in conducting Petroleum Operations hereunder determined in accordance with the Accounting Guide attached hereto as Annex 2;

Petroleum Costs means all expenditures incurred by Contractor in the conduct of Petroleum Operations under this Agreement and as defined in Chapter 7.

Petroleum Costs means all expenditures incurred by the parties to a Contract that such parties are entitled to recover in accordance with the relevant Contract;

Petroleum Costs means both Capital Cost and Non-Capital Cost and include any and all expenditures effectively borne and paid to execute the Joint Operations performed under this Agreement and allowed to be recovered pursuant to the Accounting Procedure.