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(1) A petroleum agreement shall provide for the transfer to the Corporation of all physical assets purchased, installed, constructed by the contractor for petroleum operations and the cost of which has been included in Exploration Expenditures, provided that the contractor shall have the use of such assets for purposes of operations under a petroleum agreement and shall remain liable for maintenance, insurance and other costs associated with such use.

(2) Without prejudice to subsection (1) of this section, after termination of petroleum operations in any area, the contractor shall give the Corporation an option to acquire any movable and immovable assets used for such petroleum operations, and the operation of section 28 of this Law may be modified accordingly at the request of the Corporation.

(3) The provisions of this section shall not require the contractor to transfer to the Corporation equipment or any other assets rented or leased by the contractor which is imported into Ghana for use in petroleum operations and subsequently re-exported therefrom, and which is of the type customarily leased for such use in accordance with petroleum industry practice.