A project is commercial when there is evidence of a firm intention to proceed with development within a reasonable time-frame. Typically, this requires that the best estimate case meet or exceed the minimum evaluation decision criteria (e.g., rate of return, investment payout time). There must be a reasonable expectation that all required internal and external approvals will be forthcoming. Also, there must be evidence of a technically mature, feasible development plan and the essential social, environmental, economic, political, legal, regulatory, decision criteria, and contractual conditions are met. Being economically viable is a necessary but not sufficient condition to being deemed “commercial” It should be noted that while this is a standard definition of commerciality, alternate definitions may apply in the context of certain fiscal regimes or production sharing contracts when defined therein.