2
Contract #
ARTICLE 1. DEFINITIONS
ARTICLE 2. SCOPE OF CONTRACT
ARTICLE 3. TERM OF CONTRACT
ARTICLE 4. SIGNATURE BONUS
ARTICLE 5. RELINQUISHMENT
ARTICLE 6. MINIMUM WORK AND EXPENDITURE OBLIGATIONS
ARTICLE 7. STATE BODY'S ASSISTANCE
ARTICLE 8 TERMINATION
ARTICLE 9 - CONDUCT OF PETROLEUM OPERATIONS
ARTICLE 10. GAS
ARTICLE 12. APPROVAL PROCEDURE
ARTICLE 13 JOINT MANAGEMENT COMMITTEE
ARTICLE 14. DATA AND SAMPLES
ARTICLE 15. REPORTS AND RECORDS
ARTICLE 16. ACCESS AND INSPECTION
ARTICLE 17. MEASUREMENT, TRANSPORT AND DELIVERY
ARTICLE 18. COST RECOVERY AND PRODUCTION SHARING
ARTICLE 19. VALUATION OF COMMERCIAL OIL
ARTICLE 20. BOOKS OF ACCOUNT, ACCOUNTING AND AUDIT
ARTICLE 21. EXCHANGE AND CURRENCY CONTROL
ARTICLE 22. TITLE TO ASSETS
ARTICLE 23. TAXES
ARTICLE 24. LIABILITY AND INSURANCE
ARTICLE 25. IMPORT AND EXPORT
ARTICLE 26. TRAINING
ARTICLE 27. PARTICIPATION
ARTICLE 28. ASSIGNMENT
ARTICLE 29. LAWS AND REGULATIONS
ARTICLE 30. LOCAL GOODS AND SERVICES
ARTICLE 31. FORCE MAJEURE
ARTICLE 32. ENTIRE AGREEMENT
ARTICLE 33. AMENDMENTS
ARTICLE 34. CONFIDENTIALITY
ARTICLE 35. TITLES AND HEADINGS
ARTICLE 36. LANGUAGES
ARTICLE 37. CONTRACTOR'S OFFICE IN
ARTICLE 38. GOVERNING LAW
ARTICLE 39. SETTLEMENT OF DISPUTES - ARBITRATION
ARTICLE 41. COMING INTO FORCE
This Contract is made, signed and entered into, on this __ day of __ 200_ by and between:
(PART 1), (State Body of State X) (hereinafter referred to as "State Body") of the one part, and
(PART 2) being a legal entity, established and existing under the laws of the (Y) with office in ______________,
(PART 3) being a legal entity, established and existing under the laws of the (Z) with office in ______________
being collectively referred to hereinafter as "Contractor", of the other part.
State Body and Contractor are referred to hereinafter either individually as "Party" or collectively as "Parties".
WHEREAS, (State X) is the sole owner of all natural resources within its territory and offshore areas and has the exclusive right to explore, develop, extract, exploit and utilize the natural resources there from; and
WHEREAS, the State Body of Oil is the Governmental body concerned and entrusted with 9 exploration, development and production of Petroleum within (State X): and
WHEREAS, the Contractor is of sound financial standing and possesses technical competency to can out development and production and generally all and any Petroleum Operations as hereinafter defined: and
WHEREAS, the Parties mutually declare that they have the power authority and desire to enter into this Development and Oil Production Contract in relation to the Second Stage of (X oilfield) as defined herein.
NOW THEREFORE, and in consideration of the premises and the mutual covenants hereinafter set out, the Parties agreed as follows: