Common use of Associated Gas Clause in Contracts

Associated Gas. Natural Gas produced in a Deposit where it is found dissolved in the Oil or in contact with underlying saturated Oil. Applicable Laws and Regulations: the set of laws, decrees, regulations, resolutions, ordinances, normative instructions, or any other regulatory acts that are or may be applicable to the Parties and other signatories or to the activities of Exploration and Production of Oil and Gas, as well as to decommissioning of the facilities. Macro-Group: set of properties, services, and equipment purchased or contracted by the Concessionaires to develop the activities in the segments defined under this Agreement with specific Local content commitments. Best Practices of the Oil Industry: The best and safest procedures and technologies available in the oil and gas industry worldwide intended to: (i) ensure the operational safety of the facilities, preserving life, physical integrity, and human health; (ii) preserve the environment and protect adjacent communities; (iii) prevent or reduce as much as possible the risk of spill of oil, natural gas, by-products, and other chemicals that may be hazardous to the environment; (iv) preserve oil and gas resources, which implies the use of adequate methods and processes to maximize the recovery of hydrocarbons in a technical, economic, and environmentally sustainable way, with the corresponding control of the reserve decline, and to mitigate surface losses; (v) minimize consumption of natural resources in the Operations. In order to perform the Best Practices of the Oil Industry, the Concessionaires shall rely on the standards issued by ANP and other Brazilian public bodies, incorporating technical standards and recommendations of internationally recognized bodies and associations of the oil industry, whenever such measures increase the chances to achieve the objectives listed above.