Calendar

Documents

Areas

View Question & Answer

Categories

Contract

Technical Data

Contract Area

Date Posted: 2009-08-25 09:08:02


We are still confused about the Development and Production Phase and the Additional Work Programme of the known accumulations. We were told that "The term of the Development and Production Phase for each Field shall extend for maximum twenty-five (25) years as from the date the discovery was made." But it is hard to define when would be the beginning of the Development and Production Phase for the known accumulations in blocks according the words. For the known accumulations, could we take the date of the contract signature as the beginning of the Development and Production Phase, or the date of the approval of the Development Plan, or the date of commercial production?

Answer

Date Answered: 2009-08-25 09:08:11


According to the draft Hydrocarbon Regulations Article 24 (1), the Development and Production Phase referred to in Article 35 subparagraph 3 of the Hydrocarbons Law will commence in respect of any Field upon approval by the Ministry of Mines of the development program and budget for said Field.