Profit Hydrocarbons definition

Profit Hydrocarbons means Profit Oil and Profit Gas.
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Profit Hydrocarbons means that portion of the total production of Hydrocarbons, in excess of Cost Hydrocarbons, which is allocated to the Parties under the terms of the Contract.
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Profit Hydrocarbons means the balance of Available Hydrocarbons after the allocation of Royalty Oil, Royalty Gas, if applicable, Tax Oil, Tax Gas and Cost Hydrocarbons.
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Examples of Profit Hydrocarbons in a sentence

  • Cost Hydrocarbons and Profit Hydrocarbons calculations shall be done for each Quarter.

  • If no allocation procedure is approved by the Operating Committee in accordance with Article 19.1, the Parties shall nonetheless be bound by the principles set forth in this Article 19 with regard to the allocation of Cost Hydrocarbons and Profit Hydrocarbons.

  • At the Operating Committee’s sole discretion, this credit can be payable in cash or by adjustment of the Profit Hydrocarbons as stated in Article 20.

  • Any remaining Cost Hydrocarbons and Profit Hydrocarbons shall be allocated to Exclusive Operations based on the principle that an earlier executed Exclusive Operation shall not be enhanced or impaired in any way by the subsequent execution of another Exclusive Operation.

  • Contractor’s Share of Profit Hydrocarbons (in percentage)[B] shall always be lower than [A] The “R” Factor shall be calculated using a formula provided in the Model Exploration and Production Sharing Contract.

  • In the event that the proceeds of the Abandonment Sinking Fund exceed the cost of the abandonment operation, such excess shall be reimbursed to the Parties in proportion to their share of Profit Hydrocarbons.

  • The Republic of Cyprus’ share of Profit Hydrocarbons shall be 100% minus the Contractor’s share of Profit Hydrocarbons.

  • With respect to Parties who are participants in an on-going Exploitation Period, any balance remaining unreimbursed after twenty-four (24) months from the date of the notice under Article 7.4(C) shall be settled through allocation from the Non-Consenting Parties to the Consenting Parties of an additional share of Profit Hydrocarbons, such allocation timed to enable the reimbursement to be completed in not more than thirty (30) months from the date of the notice under Article 7.4(C).

  • Rigid OV 19% (6) 81% (26)VO 58% (62) 42% (44)Non-rigid OVX 54% (7) 46% (6) 4.

  • In the event that the proceeds of the Abandonment Sinking Fund are less than the cost of the abandonment operation, the remaining costs shall be charged to the Parties in proportion to their Share of Profit Hydrocarbons.


More Definitions of Profit Hydrocarbons

Profit Hydrocarbons means Profit Oil and/or Profit Gas. Corporate Income Tax means the tax on profits from Petroleum Operations payable by the Investor Parties pursuant to Article 24. Quarter means a period of three (3) consecutive months beginning January 1st, April 1st, July 1st or October 1st and ending March 31st, June 30th, September 30th or December 31st, respectively. R-factor means the profitability mechanism used by the Parties to determine profit Petroleum allocations, as defined in Article 14. Regulations means the regulations issued under the Act and any other acts and regulations adopted in the Republic of Croatia and applicable to Petroleum Operations.
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Profit Hydrocarbons means that share of the Remaining Production (as defined in the Contract) to which the Contractor is entitled under Article 25 of the Contract.
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Profit Hydrocarbons means the balance of Available Hydrocarbons after the allocation of Royalty Oil, Royalty Gas, if applicable, Tax Oil, Tax Gas and Cost Hydrocarbons. (ffff) “Recompletion” means an operation whereby a Completion in one Zone is abandoned in order to attempt a Completion in a different Zone or the same zone within the existing wellbore, and “Recomplete” and other derivatives shall be construed accordingly. (gggg) “Revenue Collection Escrow Account” shall have the meaning set forth in Article 10.1; (hhhh) “Reworking” means an operation conducted in the wellbore of a well after it is Completed to secure, restore, or improve production in a Zone or the same zone which is currently open to production in the wellbore. Such operations include, but are not limited to, well stimulation operations, but exclude any routine repair or maintenance work, or drilling, Sidetracking, Deepening, Completing, Recompleting, or Plugging Back of a well. Rework and other derivatives shall be construed accordingly. (iiii) “Royalty” means the amount of royalty payable pursuant to (i) the Petroleum Act and the Petroleum (Drilling and Production) Regulations CAP 350, Laws of the Federation of Nigeria 1990, as amended from time to time; and (ii) Concession Rentals. (jjjj) “Royalty Gas” means the amount of Available Natural Gas which will generate an amount of Proceeds equal to the actual payment of the Royalty in respect of Gas produced within the Contract Area. (kkkk) “Royalty Oil” means the amount of Available Crude Oil which will generate an amount of Proceeds equal to the actual payment of the Royalty in respect of Oil produced within the Contract Area. (llll) “Selected Exploration Prospect” means the Exploration Prospect selected by the Service Provider to test with an Exploration Well to be funded 100% by the Service Provider. (mmmm) “Service Provider” means XXXXX or any Nigerian registered company which XXXXX may nominate to undertake any of the technical services envisaged under this Agreement and their permitted assigns. (nnnn) “Sidetracking” means the directional control and intentional deviation of a well from existing borehole direction so as to change the bottom hole location unless done to straighten the hole or to drill around junk in the hole or to overcome other mechanical difficulties. Sidetrack and other derivatives shall be construed accordingly. (oooo) “Standard Temperature and Pressure” means a temperature of sixty degrees Fahrenheit (60F) and at a pressure of fourt...
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Related to Profit Hydrocarbons

  • Hydrocarbons means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom.

  • Oil ’ means oil of any kind or in any form, including, but not limited to, petroleum, fuel oil, sludge, oil refuse, and oil mixed with wastes other than dredged spoil;

  • Other Minerals means sulphur, lignite, coal, uranium, thorium, iron, geothermal steam, water, carbon dioxide, helium and all other minerals, ores or substances of value whether or not generally produced from a wellbore in conjunction with the production of oil and gas.

  • Gas means natural gas, manufactured gas, synthetic natural gas, liquefied petroleum gas or propane-air gas, or a mixture of any of them, but does not include a liquefied petroleum gas that is distributed by means other than a pipeline;

  • Minerals means any and all ores (and concentrates derived therefrom) and minerals, precious and base, metallic and nonmetallic, in, on or under the Property which may lawfully be explored for, mined and sold.

  • Condensate means hydrocarbon liquid separated from natural gas which condenses due to changes in the temperature or pressure and remains liquid at standard conditions.

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

  • Production means a method of obtaining goods including manufacturing, assembling, processing, raising, growing, breeding, mining, extracting, harvesting, fishing, trapping, gathering, collecting, hunting and capturing.

  • Natural Gas Liquids means those hydrocarbon components that can be recovered from natural gas as a liquid including, but not limited to, ethane, propane, butanes, pentanes plus, and condensates;