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(1) A petroleum agreement shall include a term on the minimum work obligations, with a corresponding minimum expenditure amount, to be fulfilled by a contractor during each working period of the exploration phase.

(2) Where a contractor fails to fulfil the minimum work obligations within the time period stipulated in a petroleum agreement, and the Commission has not extended the duration of that working period as provided under section 21 (4), the contractor shall pay the Corporation the amount required to complete the unfulfilled portion of the work program for that working period.

(3) The Minister may in the circumstance specified under subsection (2) terminate the petroleum agreement.