4. Current Operating Costs

4. Current Operating Costs:

All non-capital expenses incurred after the commercial Production Day by a Petroleum Industry shall be treated as
Current Operating Costs, including the following expenses:
(a) Labour, materials and services used directly in day-to-day Petroleum Operations including surveys, development, production treatment, transfer, storage, handling and delivery of Petroleum and repair,  maintenance, and analogous activities.
(b) General and office administration, services and operating overhead expenses incurred in Nepal and abroad directly in connection with Petroleum Operations, including expenses relating to technical and  related services, materials, transportation, rentals, professional personnel and similar expenses.
(c) Insurance premiums, fees and all expenditures in settlement of all losses, claims, damage and judgments related to Petroleum Operations.
(d) Losses arising from inventory adjustments.
(e) Interest, fees and commissions on loans and guarantees.
(f) Foreign exchange losses arising from changes in exchange rates between Nepalese currency and Dollars