Gas Fields definition
Examples of Gas Fields in a sentence
Each Seller desires to sell and supply Gas expected to be available to them for sale from the Gas Fields in accordance with the PSC and the JOA to Buyer in a commingled stream in the quantities and subject to the terms stated herein.
Shortly before the start of each Contract Quarter, Sellers shall notify Buyer about the expected Gas supplies from the Gas Fields for the next three (3) Contract Months and the Gas supply level that Sellers are likely to be able to deliver under this Agreement (the “Scheduled Quarterly Supply Quantity”).
Nothing in this Agreement shall require or be construed as an obligation on Sellers to sell or make available Gas to Buyer at the Delivery Point other than Gas produced from the Gas Fields.
Further, Buyer acknowledges that Gas produced from the Gas Fields may, from time to time, be commingled with Gas from other sources and consequently the Gas delivered to Buyer under this Agreement will, from time to time, be Gas from such commingled stream.
From and after the Start Date, each Seller shall sell and make available for delivery to Buyer, Gas at the Delivery Point from the Gas Fields in a daily quantity not exceeding the DCQ for the relevant Day, at the Gas Price and subject to the terms and conditions of this Agreement.
If, on any Day, Sellers have insufficient Gas available from the Gas Fields, Sellers may, in their sole discretion, supply Gas produced from other sources of Gas.
The Buyer shall offtake such quantities of gas as agreed, provided however that the Buyer shall indemnify the Seller of all the claims and liabilities for any unforeseen interruption or stoppage of gas supply which may be caused due to abrupt reservoir or oil and gas well behaviour or due to any other cause which is attributable to the interruption or stoppage of gas supplies from the Seller’s Oil and Gas Fields, the provision of relating to payment of MGO by the Buyer for such period shall not apply, i.
The Exploitation Period for Gas Fields discovered inside the Contract Area shall have a maximum duration of thirty (30) years as of expiration of the Exploration Period or the Retention Period granted.
When dealing with Gas Fields and ECOPETROL has granted the Retention Period, the Exploitation Period for each Field shall commence as of the date of expiration of the respective Retention Period.
It shall provide that beginning on the Date of Commencement of Commercial Production the estimated abandonment and relinquishment cost of the Oil Fields and/or Gas Fields in the Contract Area shall be determined (with annual reviews and adjustments thereafter to be included in the annual Work Program and Budget) accrued and recovered annually as Operating Expenses over the productive life of the Oil Fields and/or Gas Fields.