(1) A contractor shall develop and produce petroleum in a manner that will ensure the maximum long term recovery of the petroleum.

(2) The contractor shall ensure that development and production of petroleum is conducted in accordance with best international practice and sound economic principles, and in a manner that will ensure that waste of petroleum or loss of reservoir energy is avoided.

(3) The contractor shall conduct continuous evaluation of the depletion strategy and technical solutions to problems arising from the exploitation and shall take the necessary measures to optimize the petroleum resources.

(4) This section applies to the Corporation where it undertakes petroleum activities in accordance with section 11 (1).