Relinquishments Sample Clauses
The Relinquishments clause defines the process and conditions under which a party gives up certain rights, claims, or interests specified in the agreement. In practice, this clause may require a party to formally notify the other of its intent to relinquish a particular asset, contractual right, or claim, and may outline any necessary documentation or timelines for the relinquishment to take effect. Its core function is to ensure clarity and prevent future disputes by formally documenting the surrender of rights or interests, thereby allocating risk and responsibility between the parties.
Relinquishments. 5.1 Subject to Article 5.2, the Contract Area shall be reduced by:
(a) at least thirty per cent (30%) of the original Contract Area, not later than the end of the first phase of the Exploration Period;
(b) at least fifty per cent (50%) of the original Contract Area (inclusive of areas previously relinquished) not later than the end of the second phase of the Exploration Period;
(c) all portions of the original Contract Area, not later than the end of the Exploration Period under Article 4.1 with the exception of:
(i) Production Areas;
(ii) Appraisal Areas subject to an extension under Article 4.4;
(iii) Natural Gas Discovery areas retained for a market development phase under Article 16.1;
(iv) Exploration areas retained in accordance with Article 6.1;
(v) any areas then pending approval by the Minister; and
(vi) any area that is the subject of a dispute and said dispute is being resolved pursuant to Article 33.
(d) any Appraisal Area subject to an extension under Article 4.4 that is not declared a Commercial Discovery, by the end of the extension under Article 4.4;
(e) any Natural Gas Discovery area retained pursuant to Article 16.1 that is not declared a Commercial Discovery, by the end of the market development phase granted under Article 16.1;
(f) any Production Area, not in Commercial Production by the end of seven(7) years after declaration of Commercial Discovery for such area, within thirty (30) days after the Minister's request for such relinquishment; and
(g) any Exploration area retained pursuant to Article 6.1 for which no approved Exploration Work Programme for such area is committed.
5.2 Subject only to Articles 5.1(f) and 5.6, Contractor shall not be required pursuant to Article 5.1 to relinquish any portion of the Contract Area designated as a Production Area.
5.3 Unless the Contract Area is earlier surrendered or the Contract is terminated, Contractor shall furnish the Minister with a description of the boundaries of the part to be relinquished not less than ninety (90) days in advance of the deadline for the relinquishment prescribed in Article 5.1.
5.4 The area designated under Article 5.3 for relinquishment shall be as far as practicable rectangular bounded by lines running due north and south and due east and west, having the longer side no more than three (3) times the shorter side. Unless the Minister specifically consents, no individual rectangular area relinquished shall be less than thirty per cent (30%) of the total area being re...
Relinquishments. The Concessionaire may relinquish the entire Area if it decides to end operations after the Rehabilitation Phase, upon notice to ANP. Relinquishment shall not exempt the Concessionaire from the obligation to comply with the Initial Work Program. The Concessionaire shall not be entitled to any reimbursement for the investments made. As of the expression of interest in the relinquishment of the Area by the Concessionaire, ANP may use it at its sole discretion, including for purposes of new bidding processes.
Relinquishments. The Concessionaire may relinquish the entire Area if it decides to end operations after the Rehabilitation Phase, upon notice to ANP.
Relinquishments. 4.4.1 The Contractor shall, by written notice to the Minister:
(i) at the end of the Initial Licensing Period relinquish not less than twenty five percent (25%) of the Original Contract Area;
(ii) at the end of the First Renewal Period relinquish an additional portion of the Contract Area not less than twenty five percent (25%) of the Original Contract Area;
(iii) at the end of the Second Renewal Period relinquish the remaining portion of the Contract Area.
4.4.2 Notwithstanding Article 4.4.1 above, the Contractor shall not be required to relinquish any part of the Contract Area which has been made subject to an Appraisal Area or an Exploitation Area.
4.4.3 The Contractor may at any time with at least two (2) months’ prior written notice to the Minister relinquish all or part of the Contract Area. Any area so relinquished will be credited against the next relinquishment obligation of the Contractor under Article
4.4.1. Any such voluntary relinquishment of part of the Contract Area during the Exploration Period shall not reduce the Exploration Work Obligations set forth in Annex D, nor the amount of the corresponding guarantee.
4.4.4 The Contractor shall propose the size, shape and location of the portion of the Contract Area which it intends to relinquish pursuant to the provisions of this Contract.
4.4.5 The notice submitted by the Contractor in accordance with Article 4.4.1 or
Relinquishments. No relinquishment of any portion of the Concession Area is required prior to the end of the Exploration Period, other than pursuant to Articles 7.1.1(a) and 7.3.1(a). Upon expiry of the Exploration Period, Concessionaire shall relinquish all of the Concession Area, with the exception of: Field Production Areas; Discovery Areas or Appraisal Areas, or both, for which an application for a Field Production Area is pending; Appraisal Areas; Discovery Areas for which an application for an Appraisal Area is pending; and any area reserved for a possible Significant Gas Discovery. An Appraisal Area shall be relinquished where Concessionaire does not make a declaration of a Commercial Discovery prior to the termination of the Appraisal Period, otherwise the Appraisal Areas may be retained by Concessionaire until the approval of the respective Field Development Plan. Where the Exploration Area and all Appraisal Areas have been relinquished and no Field Production Areas have been approved, this Agreement shall terminate. Field Production Areas shall be relinquished where: Commercial Production, CCS and Lithium Extraction have terminated and the Abandonment has been completed; or Commercial Production, CCS and Lithium Extraction have been suspended for one hundred eighty (180) days or more, unless otherwise approved by the Minister, and Concessionaire shall be responsible for Abandonment of such Field Production Area. After the Exploration Period, if all Field Production Areas have been relinquished, the Agreement shall terminate. Stratigraphic formations below the deepest producing formation for Petroleum or Lithium in a Field Production Area shall be relinquished on the later date of: (a) the approval of the Field Development Plan or (b) the termination of the Exploration Period.
Relinquishments. There are no known relinquishments required for this project.
Relinquishments. 7.1 Subject to the provisions of Articles 7.2 and 7.3, the CONTRACTOR shall surrender portions of the Contract Area as follows:
(a) at the end of the initial term of the Exploration Period referred to in Article 6.2, twenty five per cent (25%) of the net area determined by subtracting the Production Areas from the initial Contract Area;
(b) at the end of the first extension period entered into under this Contract after the end of the initial term of the Exploration Period referred to in Article 6.2, an additional twenty five per cent (25%) of the net area determined by subtracting the Production Areas from the remaining part of the Contract Area; and
(c) at the end of the Exploration Period (including all extensions thereof), all of the remaining area that is not in a Production Area.
7.2 For the application of Article 7.1:
(a) any areas already relinquished pursuant to Article 7.4 shall be deducted from areas to be surrendered; and
(b) the CONTRACTOR shall have the right to determine the area, shape and location of the Contract Area to be kept, provided that such surrendered portions of the Contract Area shall be in contiguous blocks.
7.3 If the relinquishment referred to in Article 7.1 can only be achieved by including part of an Appraisal Area, then these percentages shall be reduced to exclude such Appraisal Area.
7.4 During the Exploration Period, the CONTRACTOR may at the end of each Contract Year surrender all or any part of the Contract Area by written notice sent to the GOVERNMENT at least thirty (30) days in advance of the proposed date of surrender, subject to the provisions of this Article 7.
Relinquishments. 4.1 Not later than at the end of the Exploration Period, all of the Contract Area other than Discovery Areas and Development and Production Areas shall be relinquished.
4.2 CONTRACTOR may at any time relinquish voluntarily its rights hereunder to conduct Petroleum Operations in all or any part of the Contract Area.
4.3 No relinquishment shall relieve CONTRACTOR from accrued but unfulfilled minimum expenditure commitment under Section 5 of this Contract except as further defined in Section 5.10. In the event CONTRACTOR desires to relinquish its rights hereunder to conduct Petroleum Operations in all of the Contract Area without having fulfilled its accrued minimum expenditure commitment, CONTRACTOR shall pay MOGE on or before the date of such total relinquishment an amount equal to the difference between the amount spent and such minimum expenditure commitment.
4.4 At least thirty (30) days in advance of the date of the relinquishment under Section 4.1 and Section 4.2, CONTRACTOR shall notify MOGE of the portions of the Contract Area to be relinquished. In connection with any relinquishment of less than all of the Contract Area, the CONTRACTOR and MOGE shall consult with each other in order to ensure that each individual portion of the Contract Area relinquished shall, so far as reasonably possible, be of sufficient size and shape to enable Petroleum Operations to be conducted thereon.
Relinquishments. Relinquishments are not within the project limits.
Relinquishments. 5.1 At the end of the Initial Exploration Period, the Contractor shall have option to relinquish the entire area after completion of Minimum Work Program or to proceed to the Subsequent Exploration Period relinquishing fifty percent (50%) of the Contract Area in a single portion. The entire area (excluding Appraisal and Development area) shall be relinquished at the end of and nine (9) consecutive years of the Exploration Period. Contractor shall relinquish all of the Contract Area if the Contractor does not commit to drill an exploration well after completion of Geological and Geophysical survey during the first four (4) years of the Initial Exploration Period. If the Contractor commits to drill exploration well(s), the relinquishment shall be in accordance with this Article.
5.2 In the event of extension under Article