Production Sharing Contract definition

Production Sharing Contract. ’ or ‘‘PSC’’ means a form of contract between a contractor and an agency of the government of the Republic of Cuba under which the contractor acquires the right to explore for and develop hydrocarbon deposits within a specified geographic area.

Production Sharing Contract means a contract between the Designated Authority, whether as established under this Treaty or as established under the Timor Sea Treaty, and a limited liability corporation or entity with limited liability under which production from a specified area is shared between the parties to the contract;

Production Sharing Contract means an agreement entered into in accordance with the Petroleum Act;”;

Examples of Production Sharing Contract in a sentence

• The Sellers are parties to a Production Sharing Contract dated 15th May, 1995 as amended from time to time (the “PSC”) with the Government of India acting through the President of India in respect of the Block RJ-ON–90/1 located in the Barmer district in the state of Rajasthan, India (the “RJ Block”).

• As a party to a Production Sharing Contract (“PSC”) signed with Nigerian National Petroleum Corporation (“NNPC”) for OPL 226, Essar Nigeria is required to seek NNPC’s consent for the transaction.

• As soon as practicable, the Designated Authority shall enter into the Greater Sunrise Production Sharing Contract under conditions equivalent to those in Production Sharing Contracts JPDA 03-19 and JPDA 03-20, and to the legal rights held under Retention Leases NT/RL2 and NT/RL4 in accordance with Article 22 of the Timor Sea Treaty and Article 27 of the International Unitisation Agreement.

• On April 8, 2010, the Production Sharing Contract (the “PSC”) with the Government of India, through the Directorate General of Hydrocarbons (the “DGH”) expired and as a result, the DGH called the Company’s letter of guarantee totaling US$1,395,000 issued by Royal Bank of Canada (“RBC”).

• For the purposes of transparency, the Greater Sunrise Contractor shall include in its agreements with the operators of the downstream facilities the necessary provisions to ensure that the Designated Authority has audit and information rights from the operators of downstream facilities, and from their respective affiliates, equivalent to those audit and information rights the Designated Authority has in respect to the Greater Sunrise Production Sharing Contract.

More Definitions of Production Sharing Contract

Production Sharing Contract means one or more contracts, agreements or similar instruments governing the sharing of production constituting Proved Reserves, on which Proved Reserves or contracts, agreements or similar instruments, a Lien cannot be granted without the consent of a third party or on which a Lien is contractually or statutorily prohibited.

Production Sharing Contract means this Contract and any subsequent written amendments.

Production Sharing Contract means a petroleum agreement entered between the Government and the contractor, which enables the contractor to explore, develop and produce petroleum within a contract area;

Production Sharing Contract means a petroleum agreement between the Government of the Republic of Kenya and a contractor, which enables the contractor to explore, develop and produce petroleum within a contract area;

Production Sharing Contract means a contract between the Designated Authority and a limited liability corporation or entity with limited liability under which production from a specified area of the JPDA is shared between the parties to the contract;

Production Sharing Contract means a contract between the Designated Authority and a limited liability corporation or entity with limited liability under which production from a specified area of the JPDA is shared between the parties to the contract.

Production Sharing Contract or "PSC-KG" means the production sharing contract dated February 4th, 2003, among the Government, Gujarat State Petroleum Corporation Limited, Jubilant Enpro Limited and GGR India with respect to the contract area identified as Block-KG-OSN-2001/3.