Minerals Report - International Seabed Authority

• Ordinance number 195, of December 24, 1999, which establishes the
criteria to be adopted from January 1, 2000 on, in order to distribute
the 7.5 % share of the quota of the royalties to be paid due to the
production of petroleum or natural gas that exceeds 5 % of such
production, to those municipal districts affected by the embarkment or
disembarkation of petroleum or natural gas;
• Ordinance number 14, of February 1, 2000, which establishes the
procedures for operational accidents and accidental pollutants spill
reporting, to be followed by the concessionaires and other companies
authorized to conduct activities related to oil and gas exploration and
production;
• Ordinance number 40, of March 1, 2000, which establishes the rules for
the activity of the domestic transport of petroleum and its by-products
by sea;
• Ordinance number 75, of May 3, 2000, which approves the Regulation
that deal with the procedure for the Codification of Wells drilled for
the exploration or the production of petroleum and/or natural gas; and
• Ordinance number 76, of May 3, 2000, which approves the Regulation
that deal with the procedures for the Reclassification of Wells drilled
for the exploration or production of petroleum and/or natural gas.
Besides the legal diplomas and a broad scale of regulations setting the
activities, the concession contracts also impose a series of obligations to the
concessionaires. Thus, restricting ourselves only to the major responsibilities
conceived at the concession contracts for exploration, development and
production of petroleum and natural gas, during the production stage, we can
mention the following obligations:
• To notify the starting date of production until 24 hours after it occurs;
• To prepare a monthly production bulletin, until the 15 th day of the
month, pointing out the reasons for deviations bigger than 15 % in
relation to the estimated output;
INTERNATIONAL SEABED AUTHORITY 826