| oil |
committed project (A project where the parties who have the rights to undertake it have done so. Projects are committed when they produce hydrocarbons, are developed, or are in development. Undeveloped projects are committed only when the relevant parties have undertaken to carry them out within a reasonable timeframe, or when decisions of the parties and prior committed projects de facto provide a commitment to define and execute them later. These commitments should be unconditional, except for timing that may be dependent on the development of prior committed projects. An example of this would be where fields are dedicated to a long-term supply contract and will only be developed as and when they are required to satisfy the contract. wordfiend) |
