Interpretation in this Part

For the purposes of this Part“Affiliated Company” shall mean any entity, directly or indirectly effectively controlling or controlled by, or under direct or indirect effective common control, with a specified entity; 69 “Contractor” shall mean a person who has entered into a contract with the Government under the Petroleum Act; “Control”, when used with respect to any specified entity, means the power to direct, administer and dictate policies of such entity (it being understood and agreed that it is not necessary to own directly or indirectly fifty percent (50%) or more of such entity’s voting securities to have effective control over such entity, but ownership, direct or indirect, of fifty percent (50%) or more of such entity’s voting securities shall automatically indicate effective control), and the terms “controlling” and “controlled” have meanings corresponding to the foregoing; “Crude Oil” shall mean Petroleum which is in liquid state at the wellhead or gas/oil separator or which is extracted from Natural Gas, including distillate and condensate; “Delivery Point” shall mean the FOB point of export in Belize or such other point which may be agreed by the Government and the Contractor; “Gross Revenues” shall mean the sums of all proceeds of sales and the monetary equivalent of the value of other dispositions of Petroleum produced and saved and not used in Petroleum Operations and any other proceeds derived from Petroleum “Initial Commercial Production” shall mean the date on which the first regular shipment of Crude oil or Natural Gas, or both, is made under a program of regular production and sale; “Natural Gas” shall mean all Petroleum which at atmospheric conditions of temperature and pressure is in a gaseous phase, including wet mineral gas, dry mineral gas, wet gas, and residue gas remaining after the extraction, processing or separation of liquid Petroleum from wet gas, as well as non Petroleum gas or gases produced in association with liquid or gaseous Petroleum; 70 “Associated Natural Gas” shall mean natural gas which is produced in association with Crude Oil; “Non-Associated Natural Gas” shall mean Natural Gas which is produced without association with Crude Oil or in association with Crude Oil which cannot be produced commercially; “Net Petroleum” shall mean the value of the total quantity of Petroleum produced and saved in a given Calendar Year and not used in Petroleum Operations after deduction of the value of the Royalty in such Calendar Year and after recovery of Petroleum Operations Expenditures pursuant to a Contractor’s contract with the Government; Schedule VI. “Petroleum Operations Expenditures” shall mean expenditures made in conducting hereunder, determined in accordance with Schedule VI; and CAP. 225. “Royalty” shall mean the royalty described in section 31 of the Petroleum Act.