٣٣
٢٠٢١ دﯾﺴﻤﺒﺮ ﺳﻨﺔ١٨ ﻣﻜﺮر )ج( ﻓﻰ٥٠ اﻟﺠﺮﯾﺪة اﻟﺮﺳﻤﯿﺔ – اﻟﻌﺪد
تداول
عند ال
تد بها ع
ة ال ي
تروني
رة إلك
صو
ARTICLE III GRANT OF RIGHTS AND TERM The GOVERNMENT hereby grants EGPC and CONTRACTOR subject to the terms, covenants and conditions set out in this Agreement, which insofar as they are contrary to or inconsistent with any provisions of Law No. 66 of 1953, as amended, shall have the force of Law, an exclusive concession in and to the Area described in Annexes "A" and "B". (a) The GOVERNMENT shall own and be entitled, as hereinafter provided, to a royalty in cash or in kind of ten percent (10%) of the total quantity of Petroleum produced and saved from the "Area" from the Effective Date of this Agreement. Said royalty shall be borne and paid by EGPC and shall not be the obligation of CONTRACTOR. The payment of royalties by EGPC shall not be deemed to result in income attributable to the CONTRACTOR or a reduction to the Production to which the CONTRACTOR is entitled hereunder. (b) CONTRACTOR shall be granted a period starting from the Effective Date and ending on December 31st, 2030 to perform, through the Operating Company, the Exploration and Development operations for Oil in the Original Development Area. CONTRACTOR shall also be granted an initial Exploration period of three (3) years starting from the Effective Date to perform Exploration operations for Crude Oil in the "New Exploration Area". Two (2) successive extension periods to the initial Exploration period of three (3) years and two (2) years respectively shall be granted to CONTRACTOR, at the CONTRACTOR's option, upon not less than thirty (30) days prior written notice to EGPC, such notice to be given not later than the end of the then current Exploration period, as may be extended pursuant to the provisions of Article V (a), and subject only to its having fulfilled its obligations hereunder for such period. CONTRACTOR shall relinquish the "New Exploration Area" if no Commercial Oil Discovery is established by the end of the eighth (8th) year of the Exploration period, as may be extended pursuant to Article V (a). Such relinquishment shall not affect this Agreement as to CONTRACTOR’s rights and obligations with respect to the Original Development Area.
