Profit Oil definition

Profit Oil means the balance of Available Crude Oil after the allocation of Royalty Oil and Cost Oil;

Profit Oil. ’ means the volume of oil to be allocated under a production-sharing contract after cost recovery oil has been allocated to the contractor.

Profit Oil means the amount of production, after deducting cost oil production allocated to costs and expenses that would be divided between the participating parties and the host government under a Production Sharing Contract.

Examples of Profit Oil in a sentence

• Oil and Gas losses occurred under the responsibility of the Contractor, as well as burning of Natural Gas in flares, shall be deducted from the share of the Profit Oil to which the Contractor is entitled after the Production Sharing.

• The Contracting Party’s share of the Profit Oil, which shall not be affected by operating losses, shall be set at the Measurement Point.

• As of the Production Start Date or during performance of the Extended Well Tests in the Assessment phase, the Contractor shall send to the Manager the Statement of Calculation of the Profit Oil, in the format and frequency determined by the Manager.

• The Audit of the Cost and Profit Oil shall be performed by the Manager at any time, directly or through specialized consulting services, upon at least thirty (30)-day notice to the Operator.

• The Profit Oil share of the Production of Oil and Gas, plus the volumes regarding the refund of Cost Oil and the volume corresponding to the Royalties payable by each Contracted Party, shall be distributed according to the Contracted Parties’ Shares, as provided for in this Consortium Agreement.

More Definitions of Profit Oil

Profit Oil shall have the meaning set out in sub-clause 27(3);

Profit Oil means the remaining Available Oil, after the Contractor has taken the Cost Oil pursuant to the provisions of Article 6.1.

Profit Oil has the meaning ascribed to it in the PSC.

Profit Oil has the meaning assigned in Article 35;

Profit Oil is defined as set forth in Article 11.10.

Profit Oil means the Crude Oil remaining after deduction of Royalty and Cost Oil from Crude Oil produced and saved from the Contract Area and delivered to the Delivery Point, calculated in accordance with the provisions of Sub-article 13.7.

Profit Oil means that portion of the total production of Hydrocarbons, in excess of Cost Oil, which is allocated to the Parties under the terms of the Contract.