Common use of Inventory Statement Clause in Contracts

Inventory Statement. Contractor shall maintain detailed records of property acquired for Petroleum Operations. On a Quarterly basis, Contractor shall provide Staatsolie with an Inventory Statement containing: (a) description and codes of all assets and Controllable Materials; (b) amounts charged to the accounts for each asset; (c) date on which each asset was charged to the account; and (d) whether the costs of such asset has been recovered pursuant to Article 13 of the Contract.