The performance of the Extended Well Test without the use or reinjection of the Natural Gas shall be limited to a term of one hundred and eighty (180) days, unless in exceptional cases, at ANP’s discretion. SECTION THIRTEEN DECLARATION OF COMMERCIAL FEASIBILITY – Declaration of Commercial Feasibility Upon compliance with the Discovery Assessment Plan approved by ANP, the Operating Committee may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery. The Consortium Members, on behalf of the Operating Committee, shall take the measures required for submitting the Declaration of Commercial Feasibility to ANP. If it has not been submitted to ANP yet, the Final Discovery Assessment Report shall accompany the Declaration of Commercial Feasibility. The Declaration of Commercial Feasibility only be effective after ANP’s approval for the Final Discovery Assessment Report. Failure to submit the Declaration of Commercial Feasibility within the term established in this Agreement shall entail the lawful termination of the Agreement regarding the relevant area retained for the Discovery Assessment. Submission of one or more Declarations of Commercial Feasibility, shall not exempt the Consortium Members from performing the Minimum Exploration Program. Postponement of the Declaration of Commercial Feasibility If the main accumulation of hydrocarbons discovered and assessed in a Contract Area is Natural Gas, the Consortium Member may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: a) lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; b) lack or inadequacy of infrastructure for handling of the Natural Gas to be produced by the Consortium Member, expected to be implemented in less than five (5) years. If the main accumulation of hydrocarbons discovered and assessed in a Contract Area is Oil, the Consortium Member may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, Outflow, or refining, expected to be created in less than 5 (five) years.
The performance of the Extended Well Test without the use or reinjection of the Natural Gas shall be limited to a term of one hundred and eighty (180) days, unless in exceptional cases, at ANP’s discretion. SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY Declaration of Commercial Feasibility Upon compliance with the Discovery Assessment Plan approved by ANP, the Operating Committee may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery. The Consortium Members, on behalf of the Operating Committee, shall take the measures required for submitting the Declaration of Commercial Feasibility to ANP. If it has not been submitted to ANP yet, the Final Discovery Assessment Report shall accompany the Declaration of Commercial Feasibility. The Declaration of Commercial Feasibility only be effective after ANP’s approval for the Final Discovery Assessment Report. Failure to submit the Declaration of Commercial Feasibility within the term established in this Agreement shall entail the lawful termination of the Agreement regarding the relevant area retained for the Discovery Assessment. Submission of one or more Declarations of Commercial Feasibility, shall not exempt the Consortium Members from performing the Minimum Exploration Program. Postponement of the Declaration of Commercial Feasibility If the main accumulation of hydrocarbons discovered and assessed in a Contract Area is Natural Gas, the Consortium Member may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: a) lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; b) lack or inadequacy of infrastructure for handling of the Natural Gas to be produced by the Consortium Member, expected to be implemented in less than five (5) years. If the main accumulation of hydrocarbons discovered and assessed in a Contract Area is Oil, the Consortium Member may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, Outflow, or refining, expected to be created in less than 5 (five) years.
minuta_contrato_lp5_sem_operacao_petrobras_saturno_tita_paubrasil-english_version.docx