19Governmentmayfixorrevisetheformatforreportingtheannualaccountsandstatementsreq

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1.9GovernmentmayfixorrevisetheformatforreportingtheannualaccountsandstatementsrequiredunderSectio n1.4.2and1.4.3.
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77 SECTION-2 CLASSIFICATION,DEFINITIONANDALLOCATIONOF INCOME 2.1 Income Petroleumproducedandsavedshallbeclassifiedtosegregateincomefromgas,oilandcondensateand shallincludeclosingstock.PetroleumproducedandsavedshallbevaluedasperArticle20. SECTION–3 RECORDS AND INVENTORIES OF ASSETS 3.1 Records From the date of first production of Petroleum from the Contract Area the Contractor shall submit amonthly Production Statement to the Government showing the following information separately of eachproducing Field and in aggregate for the Contract Area: (a) The quantity of Crude Oil and Condensate produced and saved. (b) The quality and characteristics of such Crude Oil and Condensate produced and saved. (c) The quantity of Associated Natural Gas and Non Associated Natural Gas produced and saved. (d) The quality, characteristics and composition of such Natural Gas produced and saved separately. (e) The quantities of Crude Oil, Condensate and Natural Gas used for the purposes of carrying on drilling andproduction operations and pumping to field storage, as well as quantities re-injected. (f) The quantities of Crude Oil, Condensate and Natural Gas unavoidably lost. (g) The quantities of Natural Gas flared and vented. (h) The size of Petroleum stocks held on the first day of the Month in question. (i) The size of Petroleum stocks held on the last day of the Month in question. (j) The quantities of Natural Gas reinjected into the Petroleum Reservoir. (k) The number of days in the Month during which Petroleum was produced from each Field. (l) The Gas-Oil ratio for each Reservoir and Field for the relevant Month. (m) Water production, water injection and Reservoir pressure data for each Reservoir and Field. (n) The quantities of Crude Oil, Condensate and Natural Gas sold to every buyer 3.2 Inventories 3.2.1 TheContractorshallnotlessthanonceeverytwelve(12)Monthswithrespecttocrude oil and gas take an inventory of the assets used for or in connection with Petroleum Operations in terms of the Contract and address and deliver such inventory to the Government,together with a written statement of theprinciplesuponwhichvaluationoftheassetsmentionedinsuchinventoryhasbeenbased. 3.2.2Whenan assignment of rights under the Contract takes place, a special inventory shall be taken by the
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78 Contractor at the request of the assignee provided that the cost of such inventory is borne by the assignee andpaidtotheContractor. SECTION-4 PRODUCTIONSTATEMENT 4.1 All quantities shown in this Statement shall be recorded as mentioned in Section 3.1 of this accounting procedure and be expressed in volumetric terms (barrels of Oil and cubic metres of Gas),as well as in the case of Oil in weight (metric tonnes) and in case of Gas in energy terms (MMBTU).
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