Just an 'excerpt' from a 'sample' Exxon contract template picked from one of ~1500 pages.
Why is it taking soooooo looooong?
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The Parties recognize and expressly acknowledge that:-
The rationale and principles of the Commercial Framework, especially the basis for the cooperative development of underlying fields, energy contribution, basis of equity determination, provision for re-determination and the integrated nature of the LNG Project from upstream to pipeline to liquefaction plant are fundamental to commercial structure of the LNG Project and to the benefits to be generated by that project; and
The coordinated development of the Petroleum Projects to constitute the LNG Project means that the timing of benefits accruing from equity is detached from the timing of actual development and gas production from a specific field/PDL and benefits shall start flowing to all participating Project Area Landowners, Provincial Governments and Local Level Governments at the same time; and All benefits referred to in this Agreement are wholly dependent on the continuation of the production and sale of gas by the LNG Project, and if production and sale of gas is interrupted, suspended or discontinued, all benefits conferred by this Agreement and the UBSA shall be interrupted, suspended or discontinued until such time as gas production and sale is resumed by the LNG Project; and
This Agreement has been executed in accordance with Part IV of the Oil and Gas Act; and in compliance with the Consent Orders and
This agreement is contingent upon the LNG Expansion Project successfully progressing into final investment decision, financial close and commencement of commercial production; and
If LNG Project Companies abandon or suspend the LNG Expansion Project; this Agreement may be terminated or suspended at the option of the State. If this Agreement is terminated or suspended, the State will have no obligation to confer any of the benefits described in this Agreement or the Umbrella Benefits Sharing Agreement.
