2. Definition: Unless the subject or context otherwise requires, in this Act:
(a) “Crude Oil” means Petroleum produced at the wellhead in the liquid
state and asphalt, ozokerite and liquid Petroleum known as distillate or
condensate obtained from Natural Gas by condensation or extraction.
(b) “Contractor” means any Nepalese or foreign investor who may be a
party to a Petroleum Agreement with Government of Nepal as referred
to in Section 8.
(c) “Prescribed” or “as prescribed” means prescribed or as prescribed in the
Rules framed under this Act.
(d) “Petroleum” means Crude Oil, Natural Gas and all other liquid,
gaseous, solid or semisolid hydrocarbons in their natural state and this
term also includes sulphur, helium and all other similar substances
associated with such hydrocarbons.
(e) “Petroleum Operations” means exploration, development or production
of petroleum and this term also includes the treatment, transportation,
storage and sale or disposal of Petroleum so produced.
(f) “Petroleum Agreement” means a contract between Government of
Nepal and a Contractor in respect of Petroleum Operations as referred
to in Section 8.
(g) “Natural Gas” means wet gas, all other gaseous Petroleum produced
from oil or gas wells and the residue gas remaining after the extraction
of liquid Petroleum from wet gas.
(h) “Department” means the Department of Mines and Geology of
Government of Nepal