Arbitration and dispute resolution
Any dispute or claim including any purported termination arising out of or relating to this contract or the breach, termination...
Audit mechanisms - financial obligations
Albpetrol shall have 12 months from receipt of each cost account statement to audit and raise objections as to...
Bonuses
Sherwood will pay Albpetrol a signature bonus of US$50,000 upon execution of the petroleum agreement for the Kucova Oilfield and...
Confidentiality
Except as otherwise specified under this contract, all information acquired or received under this contract shall be maintained by Sherwood...
Environmental impact assessment and management plan
Sherwood shall as soon as reasonably possible after the date the contract is signed, submit for the approval from the...
Environmental protections
Sherwood shall conduct petroleum operations in a safe and proper manner in accordance with generally accepted international petroleum industry...
Governing law
The activities of Sherwood in performing the petroleum operations shall be governed by and conducted in accordance with the requirements...
Income tax: exemptions
Other than those taxes and duties set forth in Art. 13.1 and Art. 14.1, Sherwood and its respective affiliates, and...
Income tax: rate
Sherwood shall be liable to tax on profit in conformity with Law No.7811, and amended by Law No.8297 in conformity...
Infrastructure
Title to assets in possession of Sherwood in connection with the petroleum operations shall, by virtue of the license agreement,...
Language
This contract is made and entered into in both the English language and the Albanian language. If there is a...
Local employment
Sherwood will select its management and employees according to its discretion, and shall determine the conditions of employment and the...
Local procurement
Sherwood, its contractors and subcontractors shall give priority to goods and materials produced in Albania if these goods and materials...
Production Share - Cost Oil features (basis of calculation, limits on cost recovery - e.g. as % of revenue or production, capex uplift, etc.)
Sherwood shall be entitled to the cost recovery petroleum to recover all petroleum costs borne by it inside or related...
Production Share - "Profit Oil features (triggers for variations in split - IRR, factor, production, etc .)
Available petroleum--the amount of petroleum, less any amount used in petroleum operations, flared or injected, and less any deemed production...
Stabilization
If, as a result of any change in the laws, rules and regulations of Albania, any right or benefit granted...
State agency, national company or ministry executing the document
Term
The development and production period shall commence on the date that the development plan is approved by Albpetrol and the...
Training
Sherwood will spend for Albpetrol US$50,000 per each contractual year in respect of the annual training bonus upon issuing from...
Work and investment commitments
Sherwood shall provide all necessary funds and shall bear all costs and expenses required in carrying out petroleum operations under...
Country
Albania
Signature Year
2007
Resource
Hydrocarbons
Type of Contract
Production or Profit Sharing Agreement
Open Contracting Identifier
ocds-591adf-2587229116
Disclosure Mode
Security exchange
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