Petroleum Lease definition

Petroleum Lease means a lease issued pursuant to the provisions of the Petroleum and Other Minerals Development Act, 1960 (as amended) or any statutory enactment amending or replacing the same or an analogous lease or authorisation process of any other competent authority authorising the production of Natural Gas;
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Petroleum Lease means a petroleum lease under the Petroleum Act 1923.
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Petroleum Lease or "lease" means a lease under this Act;
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Examples of Petroleum Lease in a sentence

  • The Lessee is the holder of a petroleum lease granted under the former provisions of the Petroleum Act 1936 registered as Petroleum Lease Number 1H (hereinafter called “the Xxxxxx Island Lease”).

  • The Lessee is the holder of a petroleum lease granted under the former provisions of the Xxxxxxxxx Xxx 0000 registered as Petroleum Lease Number 1H (hereinafter called “the Xxxxxx Island Lease”).

  • A Petroleum Lease vests in the Lessee the exclusive right to produce petroleum from the leased areas.

  • Further to the petroleum lease granted to the Corrib Gas Partners pursuant to Section 13 of the Petroleum Act 1960 (Corrib Petroleum Lease), a number of additional consents have been granted in respect of the Corrib Gas Field development, the details of which can be found on the DECC website.

  • The Seven Heads gas field is located within the Seven Heads Petroleum Lease.Adjacent gas fields, Kinsale Head, Southwest Kinsale, Greensand and Ballycotton gas fields are all located within Kinsale Head Petroleum Lease (OPL 1).The Seven Heads facilities were installed between 2002 and 2003 with gas production commencing in 2003.

  • The Seven Heads Petroleum Lease details are summarised in Table 2 below.Table 2: Lease details LeaseCommencement Date Block No.Area (km²)Participants (* = Operator) % Interest Seven Heads 13 November 2002 48/23 (p), 168.5 *PSE Seven Heads 86.5%Petroleum Lease 48/24 (p), Limited 48/29 (p) & 48/30 (p) Island Oil and Gas12.5% Plc.

  • It is planned to conduct an extended production test in the second half of 2006 to determine the size of the resource prior to a Petroleum Lease application and to determine the requirement for further seismic and/or drilling on the structure.

  • All granted concessions and tenements (with the exception of ATP 2028 and ATP 2029, and Petroleum Lease 21 (PL21) which are discussed below) are currently in good standing and, in accordance with normal industry practice, the Company surrenders some or all un-prospective parts of its concessions and tenements at the appropriate time so as to manage its minimum expenditure obligations and to retain the capacity to apply for additional prospective areas.

  • Arrow holds the Petroleum Lease over the coal seam gas supply area and is likely to hold the pipeline licence.

  • In 1982 the Northern Territory granted Petroleum Lease No. 3 for the Palm Valley gas field to a MPAL subsidiary.


More Definitions of Petroleum Lease

Petroleum Lease means the Petroleum Lease referred to in Recital A hereof and includes any renewals or extensions thereof.
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Petroleum Lease means a property right with respect to which a lessee enjoys the right to drill, develop, produce and possess petroleum resources for a determinable period. May also be referenced as a subsurface lease or mineral rights lease.
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Petroleum Lease means Petroleum Leases Numbers O.L.4 and O.L.5 held by the Producers under the Petroleum Act and any substitute or renewal lease or other rights permitting the production of natural gas from the area the subject of the Petroleum Lease.
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Petroleum Lease see section 318AI (1) . "petroleum lease application period" see section 318BG (2) . "petroleum tenure" see section 318AI (3) . "physical monument" means a thing placed in or on land for the purpose of locating the boundary of an area of land, including, for example—
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Related to Petroleum Lease

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

  • 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.

  • 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.

  • mineral lease means the mineral lease referred to in clause 8(1)(a) hereof and includes any renewal thereof;

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

  • 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.

  • Mining Lease means the mining lease granted pursuant to Clause 12 and includes any renewal thereof and according to the requirements of the context shall describe the area of land demised as well as the instrument by which it is demised;

  • Oil and Gas Leases means all leases, subleases, licenses or other occupancy or similar agreements (including any series of related leases with the same lessor) under which a Person leases, subleases or licenses or otherwise acquires or obtains rights to produce Hydrocarbons from real property interests.

  • Petroleum and Natural Gas Rights means the Vendor’s entire interest in those Petroleum Substances underlying the Lands in the respective formations to the extent that the same are described in Schedule “A” and are granted by the Leases, subject to the Permitted Encumbrances, and includes the interest and right of the Vendor in any lands or leases with which those Petroleum Substances have been pooled or unitized;

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

  • Sub-Lease means the sub-lease entered into following the approval of an Approved Sub-lease;

  • Wet Lease means any arrangement whereby Owner or a Permitted Lessee agrees to furnish the Aircraft, Airframe or any Engine to a third party pursuant to which the Aircraft, Airframe or Engine shall at all times be in the operational control of Owner or a Permitted Lessee, provided that Owner’s obligations under the Trust Indenture shall continue in full force and effect notwithstanding any such arrangement.

  • 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;

  • Petroleum Substances means petroleum, natural gas, natural gas liquids, related hydrocarbons and any and all other substances, whether liquid, solid or gaseous, whether hydrocarbons or not, produced or producible in association with any of the foregoing.

  • Petroleum product means crude oil, petroleum, refined petroleum products, byproducts and intermediate feed stocks, and other energy-related commodities, including, without limitation, blend components commonly used in the petroleum industry to improve characteristics of, or meet governmental or customer specifications for, petroleum or refined petroleum products.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Approved Petroleum Engineer means any reputable firm of independent petroleum engineers as shall be selected by Borrower and approved by Administrative Agent, such approval not to be unreasonably withheld.

  • Concession Area means particulars of the area as more particularly described in Form A of West Bengal Minor Minerals (Auction) Rules, 2016.

  • Site Lease or “Lease” means the Site Lease of even date herewith, by and between the District and the Lessor together with any duly authorized and executed amendment thereto under which the District leases the Site to the Lessor.

  • Approved Petroleum Engineers means (a) Netherland, Xxxxxx & Associates, Inc., (b) Xxxxx Xxxxx Company Petroleum Consultants, L.P. and (c) any other independent petroleum engineers reasonably acceptable to the Administrative Agent.

  • Liquefied petroleum gas means a mixture of light hydrocarbons (predominantly propane, butane) that is gaseous under conditions of ambient temperature and pressure and that is maintained in a liquid state by an increase of pressure or lowering of temperature;

  • exploration area means that part of the Area allocated to the Contractor for exploration, described in schedule 1 hereto, as the same may be reduced from time to time in accordance with this contract and the Regulations;

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • 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.

  • mining area means all those pieces of land containing two hundred and forty‑six (246) square miles or thereabouts situate in what is known to the parties as the “Xxx Xxxxx‑Siberia Nickel Laterite Area” the subject of the mineral claims applications for mineral claims and Temporary Reserves listed in the First Schedule hereto which are generally delineated and respectively coloured green and orange and red in the plan marked “X” signed by or on behalf of the parties for the purpose of identification;

  • Lease means any agreement, whether written or oral, no matter how styled or structured, pursuant to which a Loan Party is entitled to the use or occupancy of any real property for any period of time.