Unit Petroleum definition

Unit Petroleum means all Petroleum contained in or produced from the Unit Reservoirs, up to the Valuation Point.
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Unit Petroleum shall have the meaning assigned to such term in the introduction hereto.
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Unit Petroleum has the meaning ascribed thereto in the introductory paragraph of this Agreement.
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Examples of Unit Petroleum in a sentence

  • Unless otherwise requested, ▇▇▇▇▇▇ shall attend the weekly exploration meetings held by the Corporation's subsidiary Unit Petroleum Company to assist in the decisions normally made during those meetings.

  • After such consultation, and having consulted the Sunrise Joint Venturers, the relevant Regulatory Authority will allow such use of any part of Unit Property provided that such use does not adversely affect the effective exploitation of the Unit Area and the transmission of Unit Petroleum in accordance with this Agreement and the Development Plan.

  • This shall be the taxing point and point of valuation of Petroleum for cost recovery and production-sharing purposes, for that part of Unit Petroleum apportioned to the JPDA in accordance with the Apportionment Ratio.

  • Title to Unit Petroleum attributed to the JPDA shall pass from Australia and Timor-Leste to the contractor acting in the JPDA at the Valuation Point.

  • For the purposes of this Agreement but not otherwise and unless otherwise provided in this Agreement, the Regulatory Authorities that will regulate petroleum activities in the Unit Area or in relation to Unit Petroleum shall be those Regulatory Authorities established through application of laws as provided in article 4.

  • In response, LLOG filed a third party demand against ▇▇▇▇▇▇▇▇ Petroleum Company of Louisiana and against Unit Petroleum Company, claiming that ▇▇▇▇▇▇▇▇’▇ predecessor, American National Petroleum Company, and Unit Petroleum were prior operators of the well in question, and that, if LLOG has any liability to the plaintiffs, ▇▇▇▇▇▇▇▇ and Unit Petroleum are liable to LLOG.

  • Where Australia and Timor-Leste agree that a licensee or contractor has entered into contracts for the sale of Unit Petroleum which are consistent with arm's length transactions as outlined in annex III, then for that part of Unit Petroleum apportioned to the JPDA in accordance with the Apportionment Ratio, the transacted price will be accepted as the Petroleum valuation for cost recovery and production-sharing purposes.

  • By: ▇▇▇▇▇ ▇▇▇▇▇, President ▇▇▇▇▇ Oil and Gas Company By: ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇., President Unit Petroleum Company By: ▇▇▇▇▇▇▇ ▇.

  • The foregoing consent is subject to the exchange accommodation titleholder remitting when requested by Unit Petroleum Company all available forward sale proceeds received thereby to Unit Petroleum Company.

  • The date of the filing of such Chapter 11 Cases being the “Petition Date.” Borrowers Unit Corp, a Delaware corporation, Unit Drilling Company, an Oklahoma corporation, and Unit Petroleum Company, an Oklahoma corporation, each as a debtor in possession in the Chapter 11 Cases (each, a “Borrower” and, collectively, the “Borrowers”).

Related to Unit Petroleum

  • Petroleum means Crude Oil and Natural Gas.

  • Crude Petroleum means the direct product of oil wells or a mixture of the indirect products transportable like the direct products and containing not more than two percent (2%) of sediment, water, and other impurities.

  • 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;

  • Natural Gas or "Gas" shall mean natural gas, processed, unprocessed, vaporized liquid natural gas, synthetic gas, propane-air mixture or any mixture of these gases.

  • 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;