This form is used for the purposes of more effectively developing, producing, and operating the Unit Area in order to prevent surface and underground waste, and obtain the greatest ultimate recovery of production of oil and gas, promote conservation, and to afford each of the Parties the right to recover their fair and equitable share of the production to be obtained from the Unit Area, or to receive the attributable proceeds of such production.
Alabama Gas Storage and Secondary Recovery Unit Agreement
Category:
State:
Multi-State
Control #:
US-OG-774
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Gas Storage And Secondary Recovery Unit Agreement?
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FAQ
Texas houses far more proved crude oil reserves than any other U.S. state. As of 2021, there was over 18.6 billion barrels of crude oil reserves in Texas; the largest sources being the Eagle Ford and Permian basin.
Many of the Southwestern counties have a great deal of oil production. There is also activity in the Gulf waters off the Alabama coast. This offshore activity generates gas and any production occurring within state waters is subject to Alabama severance taxes.
Alabama's oil production has steadily increased from an average of just over five million barrels in 2009 to nine million barrels in 2015.
Thirty-two U.S. states produce oil. About 69% of total U.S. crude oil production in 2019 came from five states: Texas (41.4%), North Dakota (11.6%), New Mexico (7.4%), Oklahoma (4.7%), and Colorado (4.2%). Texas is the largest producer of crude oil in the United States.
Texas is by far the largest oil-producing state in the United States. In 2022, Texas produced a total of 1.8 billion barrels.
