Petroleum Asset definition

Petroleum Asset means (i) any Petroleum field, pipeline transmission system or other Petroleum project, (ii) the facilities relating to such field, system or project and/or (iii) the interests in such field, system, project or facilities.
Petroleum Asset means any assets related to the exploration for or exploitation, production, treatment, processing, transportation, storage, marketing and sale of petroleum products including, but without limitation, any contractual rights under any agreement entered into in relation to or incidental or ancillary thereto, any equity or participating interest in any entity which has such an interest or which conducts such activities and any right which would allow a person to obtain title to or an interest in any petroleum products.
Petroleum Asset means any assets related to the exploration for or exploitation, production, treatment, processing, transportation, storage, marketing and sale of petroleum products including, but without limitation, any contractual rights under any agreement entered into in relation to or incidental or ancillary thereto, any equity or participating interest in any entity which has such an interest or which conducts such activities and any right which would allow a person to obtain title to or an interest in any petroleum products;

Examples of Petroleum Asset in a sentence

  • Any Obligor ceases to operate its interests in any Petroleum Asset in all material respects in accordance with Environmental Laws, Environmental Licences and good industry practice.

  • The Borrower shall not (unless the Majority Lenders and the Technical Banks otherwise consent) acquire or agree to acquire any interest in any Petroleum Asset other than the Development Asset.

  • The Borrower shall comply in all material respects with all Environmental Laws and all material Environmental Licences applicable to it in connection with any Petroleum Asset (and the Petroleum fields comprised therein) in respect of which the Borrower has an interest or any activity relating thereto.

  • No Obligor may, without the prior written consent of the Facility Agent (acting on the instructions of the Majority Lenders (acting reasonably)), make any acquisition of, or investment in, any Petroleum Asset or any entity that holds interest in a Petroleum Asset, in each case, which is not a Permitted Acquisition.


More Definitions of Petroleum Asset

Petroleum Asset means any exploitation area in Peru containing hydrocarbon accumulations with respect to which BPZ Exploración has entered into a License Contract with Perupetro ((x) only to the extent of its rights and interest thereunder and (y) only to the extent its rights and interest therein have not been transferred pursuant to the Permitted License Transfers), approved by a Supreme Decree of the Government of Peru, for the exploration and exploitation of hydrocarbons.

Related to Petroleum Asset

  • Petroleum refinery means each facility engaged in producing gasoline, kerosene, distillate fuel oils, residual fuel oils, lubricants, or other products through distillation of petroleum or through redistillation, cracking, extracting, or reforming of unfinished petroleum derivatives.

  • Petroleum Act means the Petroleum and Geothermal Energy Resources Act 1967 (WA).

  • Midstream Assets means (i) assets used primarily for gathering, transmission, storage, processing or treatment of natural gas, natural gas liquids or other hydrocarbons or carbon dioxide and (ii) equity interests of any Person that has no substantial assets other than assets referred to in clause (i).

  • Petroleum Operations means, as the context may require, Exploration Operations, Development Operations or Production Operations or any combination of two or more of such operations, including construction, operation and maintenance of all necessary facilities, plugging and abandonment of Xxxxx, safety, environmental protection, transportation, storage, sale or disposition of Petroleum to the Delivery Point, Site Restoration and any or all other incidental operations or activities as may be necessary.

  • Program Assets means any assets, goods or property (real, tangible or intangible) purchased or financed in whole or in part (directly or indirectly) by MCC Funding.

  • Unleased mineral owner means a royalty interest owner who owns oil and/or gas rights free of a lease or other instrument conveying all or any portion of the working interest in such rights to another. At the time of this order, the unleased mineral owners identified by Ascent include those listed on Exhibit A.

  • Petroleum Products means gasolines and petroleum oil distillates or blend stocks as further described in Item 10.

  • Petroleum product means gasoline, gasoline−alcohol fuel blends, kerosene, fuel oil, burner oil, diesel fuel oil or used motor oil.

  • Petroleum liquids means crude oil, condensate, and any finished or intermediate products manufactured or extracted in a petroleum refinery.

  • petroleum agreement means an agreement for the purpose of petroleum activities entered into by Government and another person in accordance with this Act;

  • Petroleum Substances means petroleum, natural gas, natural gas liquids, related hydrocarbons and any and all other substances, whether liquid, solid or gaseous, whether hydrocarbons or not, produced or producible in association with any of the foregoing.

  • Petroleum UST system means an underground storage tank system that contains petroleum or a mixture of petroleum with de minimis quantities of other regulated substances. Such systems include those containing motor fuels, jet fuels, distillate fuel oils, residual fuel oils, lubricants, petroleum solvents, and used oils.

  • Liquefied petroleum gas means a mixture of light hydrocarbons (predominantly propane, butane) that is gaseous under conditions of ambient temperature and pressure and that is maintained in a liquid state by an increase of pressure or lowering of temperature;

  • Other Minerals means sulphur, lignite, coal, uranium, thorium, iron, geothermal steam, water, carbon dioxide, helium and all other minerals, ores or substances of value whether or not generally produced from a wellbore in conjunction with the production of oil and gas.

  • Transportation equipment means 1 or more of the following:

  • Crude Petroleum means the direct product of oil wells or a mixture of the indirect products transportable like the direct products and containing not more than two percent (2%) of sediment, water, and other impurities.

  • CONSTRUCTION EQUIPMENT means all appliances and equipment of whatsoever nature for the use in or for the execution, completion operation or maintenance of the work unless intended to form part of permanent work.

  • Pipeline System means each system of Pipeline Assets, Real Property and Easements relating thereto making up an integrated gathering system and gathering system, or other pipeline system.

  • Petroleum and Natural Gas Rights means the entire interest of the Vendor as specified in Schedule "A" in and to the Lands and, insofar as they pertain to the Lands, the Leases.

  • Field emission equipment means equipment which uses an x-ray tube in which electron emission from the cathode is due solely to the action of an electric field.

  • Gathering System means that portion of Gatherer’s pipeline system, including all appurtenances thereto, related to the provision of gathering and transportation services provided by Gatherer pursuant to this tariff.

  • Crude Oil means any liquid hydrocarbon mixture occurring naturally in the earth whether or not treated to render it suitable for transportation and includes:

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Oil fuel means any oil used as fuel in connection with the propulsion and auxiliary machinery of the ship in which such oil is carried.

  • Production equipment (1 7 9) means tooling, templates, jigs, mandrels, moulds, dies, fixtures, alignment mechanisms, test equipment, other machinery and components therefor, limited to those specially designed or modified for "development" or for one or more phases of "production".

  • Operating Assets means all merchandise inventories, furniture, fixtures and equipment (including all transportation and warehousing equipment but excluding office equipment and data processing equipment) owned or leased pursuant to Capital Leases by the Company or a Restricted Subsidiary.