Common use of PLAN OF DEVELOPMENT Clause in Contracts

PLAN OF DEVELOPMENT. or POD means a plan proposed by CONTRACTOR for the development of a field in which Petroleum is discovered in a quantity and quality that may be produced commercially, the plan of which describes in reasonable detail all information required by SKK MIGAS, including, inter alia, the estimated quantities of reserves and production of Petroleum, expenditures required to develop the field in question and production costs of Crude Oil and/or Natural Gas, costs for abandonment and restoration required for post Petroleum Operations including its funding program, plan of utilization of the Crude Oil and/or Natural Gas to be produced, method and process of the exploitation of the Crude Oil and/or Natural Gas, the estimated amount of GOI’s revenues resulting from such development and the plan in utilizing Indonesian national manpower and domestic goods and services. The POD for the development of Crude Oil and/or Natural Gas discovery in the subsequent field(s) shall be submitted to SKK MIGAS for SKK MIGAS approval, based on consideration of all pertinent operating and financial data made available by CONTRACTOR.