Art. 2 Verdrag tussen het Koninkrijk der Nederlanden en het Verenigd Koninkrijk van Groot-Brittannië en Noord-Ierland inzake de exploitatie van het ORCA-veld

1. The exploitation of the Orca Field shall be undertaken in accordance with the terms of this Agreement. 2. Each Party shall require its Licensees to conclude a Licensees’ Agreement with the Licensees of the other Party. The Licensees’ Agreement, as well as any proposal to amend, modify or otherwise change, or to waive or depart from, the provisions of the Licensees’ Agreement, including the apportionment of benefits and costs of the Orca Field, shall require the approval of the Parties before any such proposal may be implemented by the Licensees. In the event that a Redetermination is undertaken in accordance with the Licensees’ Agreement, any statement or instrument issued by the Unit Operator documenting any change shall not become effective unless and until both Parties have approved that statement. 3. A unit operator shall be appointed by agreement between the Licensees as their joint agent for the purpose of exploiting the Orca Field in accordance with this Agreement. The appointment of and any change to the unit operator shall be subject to prior approval by the Parties. 4. Production shall not commence until the Development Plan for the Orca Field has been approved by the Parties. 5. Drilling, maintenance and suspension of boreholes from the platform on the Orca Field under the United Kingdom Continental Shelf shall be considered to fall under Dutch legislation. 6. Profits and capital gains arising from the Orca Field shall be taxed in accordance with the laws of the United Kingdom and the Netherlands respectively, including the Convention between the Government of the Kingdom of the Netherlands and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital Gains, done at London on 26 September 2008, supplemented by the Mutual Agreement on the Implementation of paragraph 5 of Article 25, done at London on 26 September 2008 and The Hague on 2 October 2008, and any Protocol or Protocols to that Convention or any Convention replacing that Convention as may be signed in the future.

Exploitation of the Orca Field

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