Agreement Gas Balancing With Eyes Closed
Description
How to fill out Exhibit E To Operating Agreement Gas Balancing Agreement - Form 5?
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FAQ
In the context of Oil & Gas law, gas-balancing agreement is a contract among owners of the production of a gas well. Such an agreement is entered in order to balance production if one owner sells more of the gas stream than the other owners.
A producer, either in addition to or in place of an acreage dedication, may grant the midstream company a wellbore dedication, which dedicates all the gas produced from a particular wellbore.
A working interest (WI) partner chooses to take in kind (TIK), meaning they're taking their share of gas to market, either on their own or with someone other than the operator to gain a more favorable marketing agreement. The TIK partner's gas is measured by a meter maintained by the marketer of their choice.
What is a Gas Balancing Arrangement? A gas balancing arrangement settles the over-use or under-use of a gas well by the various partners who have interests in it. This arrangement is needed when there are two or more partners in a gas well.
Gas balancing helps to keep production of an oil well flexible while still accounting for situations in which a site has over- or underproduced in a given time period, such as a month or quarter, or when one owner has sold more of a share of the gas stream than other owners.