PRODUCTION SHARING OF PETROLEUM BETWEEN
CONTRACTOR AND GOVERNMENT
14.1 The Contractor and the Government shall share
in the Profit Petroleum from the Contract Area ... would entitle the petitioner to a
higher share in profit petroleum, thereafter the share in the profit
petroleum of the petitioner would not be decreased
contract costs.
Profit Petroleum: means all petroleum produced and saved
from the contract area in a particular period as reduced by the
cost petroleum ... production sharing
contract.
2.33 It is submitted that the department has entirely failed to
understand underlying nature of Production Sharing Contract
(PSC Contract
contract costs.
Profit Petroleum: means all petroleum produced and saved
from the contract area in a particular period as reduced by the
cost petroleum ... production sharing
contract.
2.33 It is submitted that the department has entirely failed to
understand underlying nature of Production Sharing Contract
(PSC Contract
under the Production Sharing Contract;
(iv) Under the Production Sharing Contract, co-venturers
act at their own risk;
(v) "Cost Petroleum ... Production Sharing of Petroleum Between
Contractor and Government
14.1 The Contractor and the Government shall share in the Profit
Petroleum from the Contract Area
19th, 1988 into a Petroleum Production Sharing Contract
with Vietnam Oil and Gas Company. The Production Sharing Contract entered
on May 19th, 1988 envisages making ... other inputs required for the execution of the Production Sharing
Contract in accordance with sound petroleum industry practices. The
Production Sharing Contract provided for exploration
issue written confirmation of extension of the Production
Sharing Contract dated 30.06.1998 in relation to the Contract Area
identified ... respondents had been in
contractual relationship for sharing of the petroleum excavated from the
subject contract area (CB/OS-2 block) by virtue
entitled to shares in the profit earned by sale of the extracted
petroleum - referred to as ―Profit Petroleum‖ (PP). These shares were
to be determined ... CNCI = (Respondent's share in CP) + (Respondents'
share in PP) + (Respondents' share in Incidental Income)
- (Respondents' share in Production Costs) -
(Respondents
tenure / period of this
contract in the Production Sharing Contract.
d) The said extension clause in the Production Sharing Contract
viz. Article ... PRODUCTION
SHARING CONTRACT
50. Article 2.1 of the Production Sharing Contract reads as under:-
"2.1. The term of this Contract, subject to the terms
M/S. Emta Coal Ltd. vs Service Tax-Ii Kolkata on 16 April, 2026
IN
erred in not appreciating that as
prescribed in Production Sharing Contract/Petroleum Resource
Agreement / Joint Operating Agreement, partners of
Unincorporated Joint Venture (UJV) are permissible ... production of mineral, oils, petroleum, gas and related by products.
The taxpayer has entered into Product Sharing Contracts (PSCs)
qua certain blocks
