Common use of DECOMMISSIONING, ABANDONMENT, AND RESTORATION Clause in Contracts

DECOMMISSIONING, ABANDONMENT, AND RESTORATION. 9.01 The CONTRACTOR shall be responsible for the decommissioning of all infrastructure/facilities installed in relation to the petroleum operations, including proper plug and abandonment of all ▇▇▇▇▇ drilled under this Petroleum Service Contract in accordance with the applicable international standards. 9.02 The CONTRACTOR shall also make all efforts to restore the surrounding operational area as practically possible. 9.03 Within sixty (60) calendar days from the start of production, the CONTRACTOR shall submit, for the approval of the DEPARTMENT, a Decommissioning Plan and Budget covering the abandonment of ▇▇▇▇▇ and decommissioning of facilities in accordance with the applicable international standards to include timing and costs. The Decommissioning Plan and Budget shall be updated annually, and submitted together with the proposed Work Program and Budget (WP&B) for the succeeding year. 9.04 Upon declaration of commerciality, the CONTRACTOR shall establish a Decommissioning Fund in the account of the PARTIES, to be deposited in an escrow account with a government financial institution in the Philippines, Provided, that in case of an existing Decommissioning Fund for a producing field, the CONTRACTOR shall continue the deposit of payments thereto in accordance with the approved Decommissioning Plan and Budget, and assume all liabilities and obligations arising therefrom. 9.05 Except deposits made to existing Decommissioning Fund that were previously recovered, all funds deposited to the escrow account shall be recovered as part of the Operating Expenses. 9.06 No withdrawal/disbursement from the escrow account shall be allowed without consent/approval by the DEPARTMENT. Such withdrawal/disbursement shall be in accordance with the implementation of the DEPARTMENT-approved Decommissioning Plan and Budget as updated, and the escrow agreement.

DECOMMISSIONING, ABANDONMENT, AND RESTORATION. 9.01 The CONTRACTOR shall be responsible for the decommissioning of all infrastructure/facilities installed in relation to the petroleum operations, including proper plug and abandonment of all ▇▇▇▇▇ drilled under this Petroleum Service Contract in accordance with the applicable international standards. 9.02 The CONTRACTOR shall also make all efforts to restore the surrounding operational area as practically possible. 9.03 Within sixty (60) calendar days from the start of production, the CONTRACTOR shall submit, for the approval of the DEPARTMENTGOVERNMENT, a Decommissioning Plan and Budget covering the abandonment of ▇▇▇▇▇ and decommissioning of facilities in accordance with the applicable international standards to include timing and costs. The Decommissioning Plan and Budget shall be updated annually, and submitted together with the proposed Work Program and Budget (WP&B) for the succeeding year. 9.04 Upon declaration of commerciality, the The CONTRACTOR shall establish a Decommissioning Fund in the account of the PARTIES, to be deposited in an escrow account with a government financial institution in the Philippines, Provided, that in case of an existing Decommissioning Fund for a producing field, the CONTRACTOR shall continue the deposit of payments thereto in . 9.05 In accordance with the approved Decommissioning Plan and Budget, and assume all liabilities and obligations arising therefrom. 9.05 Except deposits made to existing Decommissioning Fund that were previously recovered, all funds deposited to the escrow account shall be recovered as part of the Operating Expenses. 9.06 No withdrawal/disbursement from the escrow account shall be allowed without consent/approval by the DEPARTMENTGOVERNMENT. Such withdrawal/disbursement shall be in accordance with the implementation of the DEPARTMENT-GOVERNMENT approved Decommissioning Plan and Budget as updated, and the escrow agreement.

DECOMMISSIONING, ABANDONMENT, AND RESTORATION. 9.01 The CONTRACTOR Contractor shall be responsible for the decommissioning of all infrastructure/facilities installed in relation to the petroleum operations, including proper plug and abandonment of all ▇▇▇▇▇ drilled under this Petroleum Service Contract in accordance with the applicable international standards. 9.02 The CONTRACTOR Contractor shall also make all efforts to restore the surrounding operational area as practically possible. 9.03 Within sixty (60) calendar days from the start of production, the CONTRACTOR Contractor shall submit, for the approval of the DEPARTMENTDOE, a Decommissioning Plan and Budget covering the abandonment of ▇▇▇▇▇ and decommissioning of facilities in accordance with the applicable international standards to include timing and costs. The Decommissioning Plan and Budget shall be updated annually, and submitted together with the proposed Work Program and Budget (WP&B) for the succeeding year. 9.04 Upon declaration of commerciality, the CONTRACTOR The Contractor shall establish a Decommissioning Fund in the account of the PARTIES, to be deposited in an escrow account with a government financial institution in the Philippines, Provided, that in case of an existing Decommissioning Fund for a producing field, the CONTRACTOR shall continue the deposit of payments thereto in . 9.05 In accordance with the approved Decommissioning Plan and Budget, and assume all liabilities and obligations arising therefrom. 9.05 Except deposits made to existing Decommissioning Fund that were previously recovered, all funds deposited to the escrow account shall be recovered as part of the Operating Expenses. 9.06 No withdrawal/disbursement from the escrow account shall be allowed without consent/approval by the DEPARTMENTDOE. Such withdrawal/disbursement shall be in accordance with the implementation of the DEPARTMENT-DOE approved Decommissioning Plan and Budget as updated, and the escrow agreement.