IMPORTANT DEFINITION IN THE PETROLEUM CODE OF CAMEROON

  1. Authorization: any or all of the authorizations granted under this Code;
  2. Exploitation Authorization: authorization for hydrocarbon exploitation:
  3. Exclusive exploitation authorization: authorization for hydrocarbon exploitation granted under a production-sharing contract or a risk service contract;
  4. Exclusive exploration authorization: authorization for hydrocarbon exploration granted under a production-sharing contract or a risk service contract;
  5. Prospecting authorization · authorization for hydrocarbon prospecting;
  6. Provisional exploitation authorization: provisional authorization for Hydrocarbon exploitation;
  7. Exploration Authorization: authorization for hydrocarbon exploration;
  8. Domestic transportation authorization: authorization issued to an
  9. exploitation authorization holder for the conveyance by pipeline or any other means of transportation, of hydrocarbons from exploitation in production facilities right up to treatment and processing plants, or to an exportterminal;
  10. Change of control: any transaction whose purpose or effect is to directly or indirectly terminate the control of the party concerned by its shareholders;
  11. Exploitation concession: authorization for hydrocarbon exploitation granted under a concession contract;
  12. Local content: all activities of the national petroleum industry relating to local capacity building, use of local human and material resources, technology transfer, use of local industrial and service companies, and the creation of measurable value added for the local economy;
  13. Concession contract: petroleum contract attached to a hydrocarbon exploration permit and as the case may be to one or more exploitation concessions whereby the holder is responsible for financing petroleum operations and disposes of the hydrocarbons extracted during the validity period of the said contract subject to the right of the State to collect royalty in kind;
  14. Production sharing contract: petroleum contract attached to an exclusive exploration authorization and as the case may be, to an exclusive exploitation authorization, whereby the holder is responsible for financing petroleum operations and receives remuneration in kind through ownership of a share of the production:
  15. Petroleum contract: concession contract. production sharing contract or risk service contract entered into between the State and a holder for the purpose of carrying out, on an exclusive basis, hydrocarbon exploration and exploitation within a specified area;
  16. Risk service contract: petroleum contract attached to an exclusive exploration authorization and, as the case may be, to an exclusive exploitation authorization whereby the holder is responsible for financing petroleum operations and receives remuneration in cash. Within the meaning of this Code, a contract for the provision of services which does not confer the exercise of exclusive rights for hydrocarbon exploration and exploitation shall not be a risk service contract;
  17. Control: direct or indirect ownership of a portion of the capital conferring on its holder the majority of voting rights in the general meetings of the Party concerned, and/or
    • sole possession of the majority of the voting rights within the Party concerned, pursuant to an agreement concluded with other shareholders of the Party concerned, and/or
    • power to determine, de facto, through the voting rights held by the controlling shareholder, the decision of the general meetings of the party concerned etc.
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