SECTION III PLANNING AND DEVELOPMENT OF ACTIVITIES WITHIN THE – CONSORTIUM Work and Budget Program for the Year of the Agreement Within thirty (30) days after the date of organization of the Operating Committee, the Operator shall submit to the other Consortium Members a proposed Work and Budget Program detailing the Operations to be executed for the remainder of the current year and, if necessary, for the following year. Within no more than thirty (30) days after delivery, the Operating Committee shall meet to analyze and resolve upon the Work and Budget Program. Work and Budget Program for the Subsequent Years By September 1st of each calendar year, the Operator submit to the other Consortium Members a proposed Work and Budget Program detailing the operations to be executed in the following year. Within thirty (30) days after delivery, the Operating Committee shall meet to analyze and resolve upon the Work and Budget Program. If the Operating Committee does not approve an Operation of the proposed Work and Budget Program, any Contractor may, in the future, propose to execute it as an Operation with Exclusive Risk, pursuant to Section IV of this In case the Work and Budget Program is approved by the Operating Committee, the Operator shall take the measures necessary for submitting it to ANP. In case ANP requires changes in the Work and Budget Program, the matter shall be submitted again to the Operating Committee for further analysis, following the procedures and deadlines established in the preceding paragraphs. The Work and Budget Programs in the Exploration Phase shall include at least part of the obligations related to the Minimum Exploration Program, which shall be performed during the following calendar year. Any Work and Budget Program approved may be revised by the Operating Committee when deemed convenient. As such reviews are approved by the Operating Committee, the Work and Budget Program shall be changed and, in this event, the Operator shall prepare and submit such restatements to ANP. Exploration Plan The Operator submit the proposed Exploration Plan to the other Consortium Members in up to sixty (60) days of the date of creation of the Operating Committee. The Operating Committee analyze and resolve upon the Exploration Plan in up to thirty (30) days as of the date of submission of the proposal.
SECTION III – PLANNING AND DEVELOPMENT OF ACTIVITIES WITHIN THE CONSORTIUM Work and Budget Program for the Year of the Agreement Within thirty (30) days after the date of organization of the Operating Committee, the Operator shall submit to the other Consortium Members a proposed Work and Budget Program detailing the Operations to be executed for the remainder of the current year and, if necessary, for the following year. Within no more than thirty (30) days after delivery, the Operating Committee shall meet to analyze and resolve upon the Work and Budget Program. Work and Budget Program for the Subsequent Years By September 1st of each calendar year, the Operator submit to the other Consortium Members a proposed Work and Budget Program detailing the operations to be executed in the following year. Within thirty (30) days after delivery, the Operating Committee shall meet to analyze and resolve upon the Work and Budget Program. If the Operating Committee does not approve an Operation of the proposed Work and Budget Program, any Contractor may, in the future, propose to execute it as an Operation with Exclusive Risk, pursuant to Section IV of this In case the Work and Budget Program is approved by the Operating Committee, the Operator shall take the measures necessary for submitting it to ANP. In case ANP requires changes in the Work and Budget Program, the matter shall be submitted again to the Operating Committee for further analysis, following the procedures and deadlines established in the preceding paragraphs. The Work and Budget Programs in the Exploration Phase shall include at least part of the obligations related to the Minimum Exploration Program, which shall be performed during the following calendar year. Any Work and Budget Program approved may be revised by the Operating Committee when deemed convenient. As such reviews are approved by the Operating Committee, the Work and Budget Program shall be changed and, in this event, the Operator shall prepare and submit such restatements to ANP. Exploration Plan The Operator submit the proposed Exploration Plan to the other Consortium Members in up to sixty (60) days of the date of creation of the Operating Committee. The Operating Committee analyze and resolve upon the Exploration Plan in up to thirty (30) days as of the date of submission of the proposal.
minuta_contrato_lp5_com_operacao_petrobras_sudoeste_tartaruga_verde-english_version.docx