This form provides that when Operator, in good faith, believes or determines that the actual costs for any Drilling, Reworking, Sidetracking, Deepening, or Plugging Back operation conducted under this Agreement will exceed a designated of the costs estimated for the operation on the approved AFE, the Operator will give prompt notice by telephone to the other Parties participating in the operation, as well as delivering a supplemental AFE estimating the costs necessary to complete the operation. Each Party receiving the supplemental AFE shall have forty-eight from receipt of the notice to elect to approve Operators recommendation or propose an alternative operation.
Puerto Rico Cost Overruns for Non-Operator's Non-Consent Option
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US-OG-700
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Puerto Rico is part of the U.S. customs territory - therefore, U.S. customs laws apply. Imported goods must be reported to the U.S. Customs Service (Customs and Border Protection-CBP), where they are inspected to ensure compliance with U.S. law.
LUMA has been in Puerto Rico since June of 2021 and was contracted to work with the Puerto Rico Electric Power Authority (PREPA) in managing the island's power. PREPA is now solely responsible for electricity generation while LUMA oversees transmission and distribution.
June 2020 In June 2020, PREPA and the Puerto Rico Public-Private Partnership Authority selected LUMA Energy (LUMA) to maintain and modernize the electricity and transmission system in Puerto Rico over a 15-year contract period. The Fate of Puerto Rico's Electrical Grid Lies in a Public-Private ... gppreview.com ? 2023/03/23 ? the-fate-of-puerto... gppreview.com ? 2023/03/23 ? the-fate-of-puerto...
