Petroleum resource definition

Petroleum resource means petroleum, petroleum byproducts, or natural gas.
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Petroleum resource means oil and gas. For further certainty, “oil” means: (i) crude oil, regardless of gravity, produced at a wellhead in liquid form, and (ii) any other hydrocarbons, except coal and gas, and, without limiting the generality of the foregoing, hydrocarbons that nay be extracted or recovered from deposits of oil sand; bitumen, bituminous sand, oil shale or from any other types of deposits on the surface or subsurface or the seabed or its subsoil, and “gas” means natural gas and includes all substances, other than oil, that are produced in association with natural gas;
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Examples of Petroleum resource in a sentence

  • OIL AND GAS LAW RELEVANT TO THE ARCTIC Petroleum resource management jurisdiction in the Arctic is governed by the CPRA128 andCOGOA.129 The CPRA governs the allocation of Crown lands to the private sector, tenure to the allocated rights, and the setting and collection of royalties.

  • When extracting the Petroleum resource, The Iraq National Oil Company and holders of exploration, Development and Production licenses shall: First: Avoid wasting, prevent leaks from pipelines, and provide optimal maintenance of the energy in the Oil Reservoir using the Best Oil and Gas Industry Practices and Best Practices in Pipelines Management.

  • Miscellaneous Taxation Ruling MT 2004/1 Petroleum resource rent tax: effects of transferring an interest in an exploration permit or retention lease provides the Commissioner's view in relation to whether sections 48 and 48A of the PRRTAA apply where a vendor transfers all or a part of an interest in an exploration permit or retention lease at any time when an eligible production licence is not in force.

  • Petroleum resource was proxied by share of petroleum resource exports in GDP for 41 years (1970-2011).

  • The publication of Etherington and Ritter (2007) forms the latest extension of the Petroleum resource management system accepted by oil and gas industry.

  • The concentrations of TPH and PAH obtained in the soil in this study exceeded their respective target values of the Department of Petroleum resource (DPR) in oil spilled soil nevertheless, below their respective intervention limits.

  • Petroleum resource globally is considered the main source of energy that has been in use over centuries.

  • Natural Gas is a valuable Petroleum resource of increasing importance in the economic development of the Republic of Iraq and the Middle East.

  • Labour unions, industry associations, or other interest groups are able to lobby for the positions of their members more effectively than the general public.

  • Petroleum resource producers must carefully manage revenues from current oil sales to have a buffer against potential losses and invest in a diverse portfolio of long-term assets with the majority of long-term oil and gas produced.

Related to Petroleum resource

  • 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.

  • Mineral Resource means a concentration or occurrence of diamonds, natural solid inorganic material, or fossilized organic material including base and precious metals, coal, diamonds or industrial minerals in or on the earth’s crust in such form and quantity and of such grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge;

  • 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 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;

  • Geothermal resources shall collectively mean the matter, substances and resources defined in subparagraph 21(a) that are not subject to this Lease but are located on adjacent land or lands in reasonable proximity thereto;

  • 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;

  • Energy Resource means a Generating Facility that is not a Capacity Resource.

  • Inferred Mineral Resource means that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

  • Natural Resource or “Natural Resources” shall mean land, fish, wildlife, biota, air, water, ground water, drinking water supplies, and other such resources, belonging to, managed by, held in trust by, appertaining to, or otherwise controlled by the United States or the State.

  • Renewable energy resource means a resource that naturally replenishes over a human, not a geological, time frame and that is ultimately derived from solar power, water power, or wind power. Renewable energy resource does not include petroleum, nuclear, natural gas, or coal. A renewable energy resource comes from the sun or from thermal inertia of the earth and minimizes the output of toxic material in the conversion of the energy and includes, but is not limited to, all of the following:

  • Measured Mineral Resource means that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

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

  • Renewable energy resources means energy derived from solar, wind, geothermal, biomass, and hydroelectricity. A fuel cell using hydrogen derived from these eligible resources is also an eligible electric generation technology. Fossil and nuclear fuels and their derivatives are not eligible resources.

  • Eligible Renewable Energy Resource or “ERR” has the meaning set forth in California Public Utilities Code Section 399.12 and California Public Resources Code Section 25741, as either code provision is amended or supplemented from time to time.

  • Natural resources means all land, fish, shellfish, wildlife, biota,

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

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

  • Hydroelectric energy means water used as the sole source of energy to produce electricity.

  • CAISO Global Resource ID means the number or name assigned by the CAISO to the CAISO- Approved Meter.

  • Historic resource means a publicly or privately owned historic building, structure, site, object, feature, or open space located within an historic district designated by the national register of historic places, the state register of historic sites, or a local unit acting under the local historic districts act, 1970 PA 169, MCL 399.201 to 399.215, or that is individually listed on the state register of historic sites or national register of historic places, and includes all of the following:

  • 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.

  • Petroleum means the crude oil removed from the earth and the oils derived from tar sands, shale, and coal.

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

  • 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.

  • Geothermal energy means energy contained in heat that continuously flows outward from the earth that is used as the sole source of energy to produce electricity.

  • Annual Resource means a Generation Capacity Resource, an Annual Energy Efficiency Resource or an Annual Demand Resource.