Common use of Quarterly Statement Clause in Contracts

Quarterly Statement. The Contractor will prepare a Quarterly Statement of Costs of Oil Operations listing the Costs of Oil Operations incurred by the Contractor with respect to the Contract Area, as established in this Accounting Procedure. Each Development Cost and Production Cost will be broken down for each Field, if relevant, and the Contractor will specify the basis for allocating shared costs. If the Ministry is not satisfied with the breakdown indicated within the categories, the Contractor will provide a more detailed breakdown. All Exploration Costs must be indicated separately. The statement of costs of Oil Operations for each Quarter will be presented to the Ministry no later than thirty (30) days after the end of the said Quarter.