File 10/5 II Hasa oil: CASOC's activities in Hasa; development of Ras Tannura; Political Agent's visit to Hasa [‎24r] (60/656)

gas, it will pay to the Government a royalty equal to one-eight
of the proceeds of the salw of Biich natural gas, it being under**
stood however that the Company shall be under no obligation to
produce, save, seller otherwise dispose of any natural gas* It
is also understood that the Company Is under no obligation to pay
any royalty on such natural gas as it ray use for the custom-*
ary operation of its installation within the Saudi Arabia®
Article 14.
The (rovernraent, through duly authorised representatives, amy
during the usual hours of operations^ inspect and exaxr 1 ne the
operations of the Company under this contract and may verify the
amount of production, The Company shall measure in accordence
with first class oil field practice the amount of oil produced
and saved and run from field storage, and shall keep time and
correct accounts thereof, and of the natural gas it may produce
and save and sell, and duly authorised representateves of the
Government shall also have access at all reasonable times t®
such accounts. The Company shall within three months, after the
end of each semester, commencing with t e date of commercial
discovery of oil deliver to the Government an abstract of such
accounts for the semester, and a statement of the amount of
royalties due*the Government for the semester. These accounts
and statements should be treated as confidential by the Govern
ment, with the exception of such Items therein as the tovernment
mav reouire to publish for fiscal purpcsese
The"royalties due the Government at the end of each semester
commencing with the date of commercial discovery Gi
be paid within three months after the ena of the semester, such
oortion of the amount as may be unquestioned shall be
tendered the Government within the period hereinabove, ana
thereupon the question shall be settled by agreement between
the parties, or failing that by arbitration as provuied ^ this
contract. Anynfurther sum which may be 1 °^^
ment as a result of this settlement shall be paid w_ J
days after the date oil such settlement.
Article 15
It is agreed that all gold payments provided in this
contract, whether pounds gold or shillings gJ^Lo, are t
basea on the gold pound standard accoralr.g to Tt f s alB0
fineness at the time the payment may be ront^act the
agreed that where be r it is stipulated in thl ^ c °" t ^ i C ) hll { lr , £rs
equivalent of any sum or amount m pounds gola or i nnited
gold may be paid, s ch equivalent may be m dollars m Unitea
States currency, or pounds sterling® . .
Tt Is agreed furthermore that the equivalent of j-
gold of shillings gold, parent wh^chjay be ^ ^
wA&e hereunder in dollars, tJn^ted States _ T ~ T0 Yi a eci for
sterling (with the exception of the first payment pioviaea i
In tot Icle 5 6 hereof) sLll be ^sed on the average^of^he^ate^
of exchange as computed over a per loo o^. th. ee
ly preceding the due date of the payment®
article 16 .
All payments provided in this contract to be made^to the
Government may be made by tendering i ucn paj * - - credit
the Government, or by depositing the agnates
of the Government in some Bank which tbe Government
in writing and which the Government may ca ange fro
time by giving notice to the Company long ^ , ^QVe
advance to that Company will have sufficient tlme^to make