PETROLEUM
Revenue Sharing Contract.pdf

Only the part c fdp namely tar shall be subject to

Info icon This preview shows pages 30–32. Sign up to view the full content.

commercial development of the Field (“Part C FDP”). Only the Part C FDP, namely TAR, shall be subject to the approval of the Management Committee as specified in Article 6.5 (a). 10.9 The FDP shall be submitted to the Management Committee within: (a) three hundred and sixty five (365) days of notification as given in Article 10.4 in case of Petroleum other than CBM or (b) sixty (60) days or earlier before completion of Exploration Period (Phase-II) in case of CBM as specified under Articles 3.2 and 5.4. The FDP shall: (i) relate to the development of Discovery or Discoveries in a cluster; (ii) be designed to ensure the most efficient, beneficial and timely use of the Petroleum resources discovered; (iii) be prepared in accordance with sound engineering, economic, safety and environmental principles recognized in the generally accepted Modern Oil Field and Petroleum Industry Practices; and (iv) be prepared in accordance with any Rules / Guidelines notified by the Government.
Image of page 30

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

31 10.10 In relation to TAR for a Discovery of Non Associated Natural Gas, the Contractor will have the obligation to tie-up the market(s) for sale of Non-associated Natural Gas within twenty four (24) Months, from the date of approval of the TAR by the Management Committee. 10.11 The Development Phase shall begin after approval of the TAR and continue till commencement of Commercial Production, unless terminated earlier in accordance with Article 10.13 or 10.14.The Contractor shall carry out Development Operations in accordance with the FDP, including but not limited to the purchase, storage of equipment and materials used in developing petroleum accumulations, the drilling, completion and testing of Development Wells, the laying of gathering lines, the installation of separators, tankage, pumps, other producing and injection facilities required to produce, process and transport petroleum into storage or processing facilities, including the laying of pipelines within or outside the Contract Area, storage and Delivery Point or Points, the installation of the said storage or processing facilities required for the development and production of the said petroleum accumulations and for the delivery of the petroleum at the Delivery Point and also including incidental operation, not specifically referred to herein as required for the most efficient and economic development and production of the said petroleum accumulations in accordance with modern oilfields and petroleum industry practices. 10.12 No later than the fifteenth (15th) of January each Year from the start of commercial production, on an annual basis the Management Committee shallrequire the Contractor to prepare an estimate of potential production to be achieved for each of the following three (3) Years (“Program Quantity”) along with appropriate supporting information as may be requested by Management Committee for approval and monitoring of such Program Quantity by the Management Committee.
Image of page 31
Image of page 32
This is the end of the preview. Sign up to access the rest of the document.
  • Winter '14
  • Bijay K Behra
  • Government, Petroleum Operations, Contract Area

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern