VALUE OF PRODUCTION STATEMENT Clause Samples

The Value of Production Statement clause requires a party, typically an operator or producer, to provide a detailed report outlining the value of goods or resources produced over a specific period. This statement usually includes information such as quantities produced, sales prices, and any deductions or adjustments relevant to the calculation of value. By mandating regular and transparent reporting, the clause ensures accurate accounting and fair distribution of revenues or royalties among stakeholders, thereby reducing disputes and promoting financial clarity.
VALUE OF PRODUCTION STATEMENT. 31.15.1 Licensee shall prepare a statement providing calculations of the value of Crude Oil produced and saved during each Quarter based on the Market Price established under the Agreement. Such Statement shall be submitted to the Director General not later than sixty (60) days following the determination, notification and acceptance of the World Market Price to the Director General according to the Licence.
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VALUE OF PRODUCTION STATEMENT. Contractor shall prepare a statement providing calculations of the value of Crude Oil produced and saved during each Quarter based on the Market Price established under Article 11 of the Agreement as well as the amounts of Crude Oil allocated to each of the Parties during that Quarter. Such Statement shall be submitted to the Minister and to GNPC not later than thirty (30) days following the determination, notification and acceptance of the Market Price to GNPC according to Article 11 of the Agreement.
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VALUE OF PRODUCTION STATEMENT. Contractor shall prepare each Calendar Quarter a statement providing calculations of the value of the Crude Oil and Gas produced and sold in accordance with this Contract. This value of Production Statement shall include:
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VALUE OF PRODUCTION STATEMENT. 6.1 The Company shall for the purposes of Clauses 14 and 15 of this Agreement prepare a Statement providing calculations of the value of Crude Oil and Natural Gas produced and saved during each Calendar Month from the Agreement Area. 6.2 With respect to Crude Oil, this Statement shall contain the following information: (a) the quantities, prices and receipts realised therefor by the Company in third party sales of Crude Oil during the Month in question, together with the names of the purchasers, specifying separately the quantities, prices and receipts realised of Condensates and Natural Gas Liquids; (b) the quantities, prices and receipts realised therefor by the Company in sales of Seychelles Crude Oil during the Month in question, other than in third party sales, together with a statement of the purchaser and/or destination of the Crude Oil; (c) the value of stocks of Crude Oil held at the beginning of the Month in question, valued in accordance with normal oil industry practices; (d) the value of stocks of Crude Oil held at the end of the Month in question, valued in accordance with normal oil industry practices; (e) the percentage volume of total sales of Crude Oil made by the Company during the Month that are third party arm's length sales; (f) the Company's estimate, pursuant to Clause 14 of this Agreement, of the Market Value of Seychelles Crude Oil for the Month; and (g) all information available to the Company, if relevant for the purposes of Clause 14 of this Agreement, concerning the prices of the selection of major competitive Crude Oils, including contract prices, discounts and premiums, and prices obtained on the spot markets.
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