The effective date of the agreement is the date on which all necessary conditions have been satisfied by the contractor; The agreement terminates on the first date of either: the contract area being relinquished, the parties agreeing, if the Designated Authority terminates the agreement on the basis of the contractor being in material default; or the Timor Sea Treaty ceases to be in force. Maximum 7 year exploration period, after which all of contract area except for any development area must be relinquished.
A Development Plan must include an environmental impact statement, and proposals for environmental management over the life of the development--Art. 4.11(d)(vi)
Within 3 months of the effective date, the Contractor shall submit tot the Ministry plans regarding the health, safety and welfare of all persons affected by Petroleum Operations, and the protection of the environment.
A Development Plan must include an environmental impact statement, and proposals for environmental management over the life of the development; the contractor is to carry on operations in a way that protects the environment and ensures that the petroleum operations result in minimum ecological damage or destruction, and clean up pollution; upon termination or when property is no longer required, to remove and dispose of the property and works, clean up the contract area and protect and restore the environment; the contractor must remedy any damage caused to the environment in a timely manner; the contractor must submit to the Designated Authority, within 3 months of the effective date of the agreement, plans in regard to the protection of the environment, including the marine environment and the atmosphere and the prevention of pollution, and the contractor must clean up pollution to the satisfaction of the the Designated Authoirty and meet the costs of doing so if done by anyone else
Designated Authority may require an independent audit of Contractor’s books and accounts at Contractor’s cost. Designated Authority may inspect and audit Contractor’s books and accounts at Designated Authority’s own costs. Contractor shall fully assist and cooperate with audits.
إنتاج حصة - ملامح النفط الربح (مشغلات عن الاختلافات في انقسام - IRR، عامل، إنتاج، ... الخ)
Contractor may recover all allowable costs, including the sum of exploration costs, appraisal costs, capital costs and operating costs. Cost oil limited to 95% of value of petroleum.
إنتاج حصة - ميزات النفط التكلفة (أساس الحساب، والقيود المفروضة على استرداد التكاليف - على سبيل المثال كنسبة مئوية من الدخل أو الإنتاج، والنفقات الرأسمالية رفع، وما إلى ذلك)
Designated Authority entitled to 5% of all petroleum exported. Petroleum remaining after the Designated Authority’s initial 5% and the recovery of allowable costs is to be split 40% to the Designated Authority and 60% to the Contractor. Unless Designated Authority elects to receive its share of petroleum in kind, the Contractor is to receive and dispose of both the Designated Authority's and the contractor's shares of petroleum, and obligated to pay the Designated Authoirty the value of the Designated Authority's share within 36 hours of receipt.
A Development Plan must include proposals for the training and employment of Timor-Leste nationals; the contractor must comply with proposals for employment that are submitted with its application under sub-Section 5.4 of the Code for this Agreement, and otherwise must give preference in employment to nationals of Timor-Leste, with due regard to occupational health and safety requirements; proposals for employment and training are summarised in Annex D and includes establishing a competency based program to guide an employee skill building process, the likely employment numbers for national staff, and a commitment of a minimum of $USD 150,000 per year towards training and development of employees during exploration, and $USD 850,000 during production
Development Plan must include proposals for the use of Timor-Leste goods and services; the contractor must comply with proposals for the acquisition of goods and services that are submitted with its application under sub-Section 5.4 of th Code for this Agreement, give persons based in Timor-Leste a real opportunity to compete for delivery of goods and services, provided they are offered on competitive terms and conditions; proposals for acquisition of goods and services are summarised in Annex D and includes giving preference to service providers in Timor-Leste
The contractor shall provide for third party access to the structures, facilities, installations, equipment, and other property within the Contract Area on reasonable terms and conditions. When mutual agreements cannot be reached, the Designated Authority shall set up terms in accordance with internationally accepted principles.
Minimum activities detailed for each of three sub-periods of exploration. Non-performance of these minimum exploration activities can be grounds for termination or a requirement to pay damages for the cost of the Exploration not carried out. Work programs and budgets must be approved by the Designated Authority. Contractors shall carry on Petroleum Operations in a proper, efficient and workmanlike manner.
If a dispute arises between the Designated Authority and the contractor, the parties are to attempt to resolve the dispute by negotiation; if the dispute cannot be resolved by negotiation, it is to be submitted to arbitration
The Designated Authority shall not publicly disclose data or information that the contractor collects and compiles about the JPDA sea bed or subsoil, petroleum and superjacent waters, until the earlier of 5 years after it was acquired, and the agreement ceasing to apply; The contractor is not to disclose the data or information except to its employees, as required by law, to resolve disputes, or as required by a stock exchange; The Designated Authority shall not publicly disclose any data or information submitted by the contractor which is a trade secret of, or data and information the disclosure of which would adversely affect the contractor in respect of its lawful business, commercial or financial affairs, and is marked as such when submitted to the Designated Authority
The Contractor shall keep effectually indemnified and hold harmless the Designated Authority and the members of the Joint Commission against all actions, suits, proceedings, costs charges, claims and demands whatsoever (including for economic loss) which may be made or brought against them by any third party in relation to or in connection with this Agreement or resulting, directly or indirectly, from Petroleum Operations under the Agreement. The Designated Authority and/or the members of the Joint Commission shall give the Contractor prompt notice of any such claim and shall not settle it without the prior consent of the Contractor.