Preview | Production Sharing Contract |

TABLE OF CONTENTS


ARTICLE	CONTENTS	PAGE NO.
	Preamble	1-2
1	Definitions	3-11
2	Participating Interests	12
3	License and Exploration Period	13-14
4	Relinquishment	15
5	Work Programme	16-18
6	Management Committee	19-23
7	Operatorship, Operating Agreement and Operating Committee	24
8	General Rights and Obligations of the Parties	25-27
9	Government Assistance	28
10	Discovery, Development and Production	29-33
11	Petroleum Mining Lease	34-35
12	Unit Development	36-37
13	Measurement of Petroleum	38
14	Protection of the Environment	39-43
15	Recovery of Cost Petroleum	44-46
16	Production Sharing of Petroleum	47-49
17	Taxes, Royalties, Rentals, Duties etc.	50-53
18	Domestic Supply, Sale, Disposal and Export of Crude Oil and Condensate	54-55
19	Valuation of Petroleum	56-58
20	Currency and Exchange Control Provisions	59
21	Natural Gas	60-65
22	Employment, Training and Transfer of Technology	66
23	Local Goods and Services	67
24	Insurance and Indemnification	68
25	Records, Reports, Accounts and Audit	69
26	Information, Data, Confidentiality, Inspection and Security	70-72
27	Title to Petroleum, Data and Assets	73
28	Assignment of Participating Interest	74-76


ARTICLE	CONTENTS	PAGE NO.
29	Guarantees	77-78
30	Term and Termination of the Contract	79-81
31	Force Majeure	82-83
32	Applicable Law and Language of the Contract	84
33	Sole Expert, Conciliation and Arbitration	85-86
34	Change of Status of Companies	87
35	Entire Agreement, Amendments and Waiver and miscellaneous	88
36	Certificates	89
37	Notices	90


APPENDICES	CONTENTS	PAGE NO.
Appendix A	Description of the Contract Area	94
Appendix B	Map of the Contract Area	95
Appendix C	Accounting Procedure to the Contract	96-125
Appendix D	Calculation of the Investment Multiple for Production Sharing purposes	126-127
Appendix E1	Form of Parent company Financial and Performance Guarantee	128-129
Appendix E2	Form of Company Financial and Performance Guarantee	130-131
Appendix-F	Procedure for acquisition of goods and services	132-135
Appendix-G	Performa of Bank Guarantee to be provided pursuant to Article 29	136-138
Appendix-H	Itemized cost break-up of bid cost estimates given by the Contractor	139-147

iii

PRODUCTION SHARING CONTRACT

		This Contract made this 23^rd day of September, 2005, between:

1.		The President of India, acting through the Joint Secretary, Ministry of Petroleum and Natural Gas (hereinafter referred to as the Government) of the FIRST PART;

AND

Gujarat State Petroleum Company, a Company incorporated under the Companies Act, 1956 (hereinafter referred to as GSPC) having its registered office at GSPC Bhavan, behind Udyog Bhavan, Sector-11, Gandhinagar 382011, Gujarat, India which expression shall include its successors and such assigns as are permitted under Article 28 hereof, of the SECOND PART;

AND

Gail (India) Limited, a Company incorporated under the Companies Act, 1956 (hereinafter referred to as GAIL) having its registered office at 16, Bhikaji Cama Place, New Delhi -110065, which expression shall include its successors and such assigns as are permitted under Article 28 hereof, of the THIRD PART;

AND

Jubilant Capital Pvt. Limited, a Company incorporated under the Companies Act , 1956 (hereinafter referred to as JCPL) having its registered office at 2, Western Avenue, Maharani Bagh, New Delhi 110065, which expression shall include its successors and such assigns as are permitted under Article 28 hereof, of the FOURTH PART;

AND

GeoGlobal Resources (Barbados) Inc., a Company incorporated under the laws of Barbados, West Indies, (hereinafter referred to as GGR) having its registered office at Chancery House, High Street, Bridgetown, Barbados, West Indies, which expression shall include its successors and such assigns as are permitted under Article 28 hereof, of the FIFTH PART;

WITNESSETH:

WHEREAS

(1)

The Oilfields (Regulation and Development) Act, 1948 (53 of 1948) (hereinafter referred to as the Act) and the Petroleum and Natural Gas Rules, 1959, made thereunder (hereinafter referred to as the Rules) make provisions, inter alia, for the regulation of Petroleum Operations and grant of Licenses and Leases for exploration, development and production of Petroleum in India;

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