Maximum Efficient Rate definition

Maximum Efficient Rate means the rate at which the maximum ultimate economic petroleum recovery is obtained from a commercial field without excessive rate of decline in reservoir pressure, and consistent with best petroleum industry practice;

Maximum Efficient Rate means the maximum economic rate of production of oil which can be sustained under prudent operations, using sound engineering practices, without loss of ultimate recovery.

Maximum Efficient Rate means the maximum rate of production of Crude Oil from a Development Area, without excessive decline of production or excessive loss of reservoir pressure, in accordance with good oilfield practice and the provisions of paragraph 7.8.

Maximum Efficient Rate means the maximum rate, according to good international petroleum industry practices, at which crude oil or natural gas can be produced without excessive decrease of reservoir pressure or loss of reservoir energy.

Maximum Efficient Rate means the maximum rate of Hydrocarbons ------------------------ production in a Field, without excessive decline or loss of reservoir pressure, and in accordance with the norms and practices of the petroleum industry and Section 6.3 of this Contract.

Maximum Efficient Rate means the maximum average rate of production of Oil and Gas from a Reservoir established by the Operator in accordance with International Oilfield Practice which is sustainable and which will permit the development of such Reservoir without detriment to the Ultimate Economic Recovery, subject always to such Operator’s ability to transport and market such Oil and Gas.

Maximum Efficient Rate or "MER" 13 1.35 "Natural Gas" 13

Maximum Efficient Rate or “MER” means the maximum rate, according to Good Oilfield Practices, at which oil or gas can be produced without excessive decrease of reservoir pressure or loss of reservoir energy.

Maximum Efficient Rate means the maximum rate of production of Crude Oil, without excessive decline of production or excessive loss of reservoir pressure, in accordance with international good oil-field practice and the provisions of paragraph 6.1.2(p) hereunder. 1.43 “Natural Gas” means both Associated and Non-Associated Gas and all its constituent elements produced from any well in the Contract Area, other than liquids extracted therefrom, and all non-hydrocarbon substances therein. 1.44 “Non-Associated Gas” means Natural Gas other than Associated Gas. 1.45 “Operating Expenses” means direct and indirect running costs borne by Contractor in connection with such work as the operation, maintenance and servicing of all types of facilities required for Petroleum Operations. Operating Expenses shall include workover, repair and maintenance of assets, but shall not include side tracking, re-drilling and changing the status of a well, replacement of assets or part of an asset, additions, improvements, renewals or major overhauling that extend the life of the asset, the latter costs being categorised under the relevant Contract Expenses, other than Operating Expenses. 1.46 “Operator” means the Contracting Company designated to conduct the Petroleum Operations on behalf and in the interest of Contractor pursuant to the provisions of Article 10. 1.47 Participating Interest” means, in relation Contractor or any Contracting Company, as the case may be, , an undivided and unencumbered interest in the rights and obligations under the Licence and this Agreement. 1.48 “Person” has the meaning ascribed to it under Article 1 of the Law. 1.49 “Petroleum” means collectively or individually, as the context requires, Crude Oil and Natural Gas as well as those substances produced therewith or derived therefrom. 1.50 “Petroleum Operations” means all Exploration, Development and Production activities, as well as those related to transportation and storage of Petroleum, and other activities related to the performance of this Agreement. 1.51 “Pipeline Company” has the meaning ascribed to it under Article 39 of the Law and paragraph 15.4 hereunder. 1.52 “Production” means every type of operations to produce Petroleum and operate Development ▇▇▇▇▇, and the taking, saving, treating, handling, storing, transporting, metering, marketing and delivering of Petroleum, injection or re-injection, and every other type of operations to obtain primary and enhanced recovery of Petroleum, and transportation, storage an...