Development and Production Period Sample Clauses
The 'Development and Production Period' clause defines the specific timeframe during which a party is authorized to conduct development and production activities under an agreement. Typically, this clause outlines the start and end dates for these activities, and may include provisions for extensions or milestones that must be met to continue operations. By clearly establishing the permitted period for development and production, the clause ensures both parties have a mutual understanding of project timelines and helps prevent disputes over unauthorized or delayed activities.
Development and Production Period. İşlənmə və hasilat dövrü İşlənmə proqramının ARDNŞ tərəfindən təsdiq edildiyi tarixdən başlanır və həmin tarixdən etibarən otuz (30) il müddətində davam edir. İşlənmə və hasilat dövrü Podratçının xahişi ilə Kontrakt sahəsindən Karbohidrogenlərin kommersiya cəhətindən səmərəli hasilatının və ləğvetmə əməliyyatlarının başa çatdırılması üçün zəruri ▇▇▇▇ müddətə uzadıla bilər. Belə uzadılma və onun müddəti ARDNŞ tərəfindən təsdiq edilməlidir. The Development and Production Period shall begin from the date of SOCAR’s approval of the Development Programme and shall continue for thirty (30) years after such date. The Development and Production Period may be extended upon Contractor’s request for the period sufficient to complete commercially reasonable production of Petroleum in the Contract Area and abandonment operations. Such extension and its duration shall be subject to SOCAR’s approval.
Development and Production Period. 3.6.1 The Development and Production Period of a Commercial Field shall commence on the Date of Establishment of a Commercial Field and shall terminate at the expiration of this Contract.
Development and Production Period. Hər İşlənmə sahəsinə münasibətdə İşlənmə və hasilat dövrü həmin İşlənmə sahəsinə dair İşlənmə proqramının ARDNŞ tərəfindən təsdiq edildiyi tarixdən başlanır və həmin tarixdən etibarən iyirmi üç (23) il müddətində davam edir. Hər İşlənmə və hasilat dövrü The Development and Production Period in respect of each Development Area shall begin from the date of SOCAR’s approval of the Development Programme for such Development Area and shall continue for twenty-three (23) years after such date. Each Podratçının xahişi ilə müvafiq İşlənmə sahəsindən Xam neftin kommersiya cəhətindən səmərəli hasilatının və ləğvetmə əməliyyatlarının başa çatdırılması üçün zəruri ▇▇▇▇ müddətə uzadıla bilər. Belə uzadılma və onun müddəti ARDNŞ tərəfindən təsdiq edilməlidir. Development and Production Period may be extended upon Contractor’s request for the period sufficient to complete commercially reasonable production of Crude Oil in the relevant Development Area and abandonment operations. Such extension and its duration shall be subject to SOCAR’s approval.
Development and Production Period. 7.1. If subsequent to a Commercial Discovery, the Contractor submits an application for a Production License pursuant to the terms of the Act and Article 16 of this Agreement, the term of the Agreement shall be for an initial period of twenty (20) years from the Effective Date with respect to the Development Area corresponding to such Commercial Discovery. Such Period shall be referred to as the Initial Production Period. However, if the Commercial Discovery relates to a Natural Gas Field, the term of the Initial Production Period shall be thirty (30) years from the Effective Date.
7.2. The Contractor may, pursuant to the Act, request by notice to the Minister at least one (1) year prior to the end of the Petroleum Production Licence to renew the Licence for a period of up to ten (10) years.
Development and Production Period. 21 Article 6 Decommissioning 21
Development and Production Period. 3.5.1 Subject to clause 3.5.2, a Development and Production Period shall commence with respect to a Development Area on the date when the SPA pursuant to clause 8.3 approves the Development Plan in relation to such area], and unless this Agreement is extended or sooner terminated or surrendered in accordance with its terms, shall, in respect of the Development Area, continue to subsist until the day that is twenty-five (25) years from the date that the Development Plan was adopted for that Development Area (Development and Production Period).
3.5.2 Prior to the commencement of any Development and Production Period, the Contractor is required to pay to the Federal Government the Development and Production Bonus in respect of each new Development Area.
3.5.3 If the Contractor has fulfilled all of its obligations for the applicable term of the Agreement, the SPA may grant an additional extension in relation to the Development Area for a further period of up to ten (10) Calendar Years, if so authorised by the Act.
Development and Production Period. 7.1. If, subsequent to a Commercial Discovery, the Contractor submits an application for a Petroleum Production Licence pursuant to the provisions of the Act, Regulations and Article 16 of this Agreement, the term of the Licence shall be for an initial period of twenty (20) years from the date in which the Production Licence, in respect to the Development and Production Area corresponding to such Commercial Discovery, is in full force and effect. Such Period shall be referred to as the Initial Production Period. However, if the Commercial Discovery relates to a Natural Gas Field, the term of the Licence shall be for an initial period of thirty (30) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effect being the Initial Production Period.
7.2. The Contractor may, pursuant to the Act and Regulations, apply to the Minister for the renewal of the Petroleum Production Licence for a period not exceeding ten (10) years.
Development and Production Period. 7.1. If subsequent to a Commercial Discovery, the Contractor submits an application for a Petroleum Production Licence pursuant to the terms of the Act and Article 16 of this Agreement, the term of the Agreement shall be for an initial period of twenty (20) years from the date in which the Production Licence in respect to the Development Area corresponding to such Commercial Discovery is in full force and effect. Such Period shall be referred to as the Initial Production Period. However, if the Commercial Discovery relates to a Natural Gas Field, the term of the Initial Production Period shall be thirty (30) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effect.
7.2. The Contractor may, pursuant to the Act, request by notice to the Minister at least one
(1) year prior to the expiry of the Petroleum Production Licence to renew the Licence for a period not exceeding ten (10) years.
Development and Production Period. The Development and Production Period shall begin from the date of SOCAR's approval of the Development Program and shall continue for thirty (30) years. After such period of thirty (30) years and upon the Contractor’s request and subject to SOCAR's approval, the Development and Production Period may be extended for the period sufficient to complete commercially reasonable production of Petroleum in the Contract Area and to ensure conservation, protection and abandonment of subsurface assets. The duration of such extention is also subject to SOCAR’s approval. 4.6
Development and Production Period. 3.3.1 Unless extended in accordance with the provisions of clause 2, the Agreement shall expire automatically at the end of the initial Exploration period or at the end of any additional Exploration period, except as to any Development Area. However, if the Contractor reports that a Commercial Discovery has been made before the expiry of the initial Exploration period stipulated in sub-clause 3.2 hereof or any additional Exploration period thereof, the Agreement shall not expire in respect to the relevant Development Area, but shall continue as to such Development Area for a term of up to [25] Calendar Years from the date of the Development Plan for that Development Area is adopted pursuant to sub- clause 7.2.4 hereof ("Development and Production Period").
3.3.2 If the Contractor has fulfilled all of its obligations for the applicable term of the Agreement, the Contractor may request an extension in relation to the Development Area for a further period of up to [10] Calendar Years. The Minister of Petroleum shall act upon such request in accordance with the Act and Regulations.