05.07.2009
The program can include commitments to carry out further appraisal and exploration wells
Requires further data acquisition and/or evaluation in order to confirm commerciality of the field
There are no current plans to develop the field or to acquire additional data at this time
An oil or gas field which is worthy to be developed and could even be a field of a significant size, but is awaiting development of a market or removal of other constraints to development, which may be technical, environmental, or political
Costs incurred to produce the proved reserves of oil and/or gas and to provide facilities for extracting, treating, gathering, and storing the oil and gas
Development budget (for the development of the field) and plans are proposed by the operator for the entirety of the development
Contract between a host country and an oil and gas exploration company which governs the operations of the fields and includes, inter alia, the terms of the cost recovery formula, determines the obligations of the company under its set work program (such as geologic and geophysical studies, acquire seismic data and drill exploration wells), with agreement between the parties on the fiscal terms which can include signature bonus to be paid by the company to the host government and other agreed upon terms
According to the Israeli Petroleum Law development means the drilling and equipment of the area of a petroleum right for the purpose of determining its productive capacity and producing and marketing petroleum >
Drilling and related activities necessary to bring a field into production following a discovery. The aim of the development is to safely and economically install the appropriate facilities in order to optimally produce the hydrocarbon reserves in the field. The key stages include: drilling development wells; installing well production equipment (completions); installing the surface facilities (platform, pipelines); commissioning the facilities. The ultimate goal is to attain first production