Lifting. 15.4.1 Each Party shall have the right and obligation to take in kind and separately sell or otherwise dispose of its total share of Crude Oil, in accordance with Article 17 below. After a Commercial Discovery has been declared by the Management Committee; the Parties shall meet, as soon as practicable and not later than ninety (90) days prior to the date of commencement of production from which an entitlement will be available, to agree upon and enter into a separate detailed lifting agreement governing the nomination of tankers and lifting of Crude Oil, produced hereunder. Lifting standards shall be periodically reviewed and agreed to by the Parties as well as procedures governing the lifting programme. 15.4.2 The lifting agreement shall provide, inter alia, for: (a) each Party to endeavour to lift its share of Crude Oil produced hereunder regularly throughout each Calendar Year; (b) a notification procedure by Operator to the Parties concerning availability of Crude Oil for lifting by each Party during each lifting period; (c) procedures for nomination of tankers by each Party for the lifting of all or part of its share of the available Crude Oil; (d) the right of any Party to lift any available Crude Oil not scheduled for lifting and/or not lifted by the other Party during each lifting; and (e) procedure for adjustments for over and underliftings. 15.4.3 It is understood as a general principle that within reasonable limits each Party will be authorised to overlift or to underlift its share of Crude Oil produced to the extent that such overlift or underlift does not infringe on the rights of the other Parties and is compatible with the production rate and the storage capacity.
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Sources: Exploration and Production Sharing Agreement, Exploration and Production Sharing Agreement