Guam Gas Storage Unit Agreement is a legal contract that allows for the establishment of a gas storage unit on a depleted producing property in Guam. This agreement is crucial for facilitating the storage and transportation of natural gas to meet the energy demands of the region. The Guam Gas Storage Unit Agreement serves as a framework between the property owner and the gas storage unit operator, outlining the terms and conditions related to the establishment, utilization, and maintenance of the unit. It covers various aspects such as storage capacity, injection and withdrawal rights, fees and costs, operational protocols, safety measures, insurance requirements, and environmental considerations. Different types of Guam Gas Storage Unit Agreements may exist depending on the specific needs and circumstances. These types may include: 1. Depleted Producing Property Lease Agreement: This agreement grants the gas storage unit operator the lease rights to a depleted producing property in Guam, giving them the authority to construct and operate the gas storage unit. 2. Injection and Withdrawal Rights Agreement: This type of agreement focuses on the rights and limitations of injecting and withdrawing natural gas from the storage unit. It details the procedures for gas injection during periods of low demand and gas withdrawal during periods of high demand. 3. Tariff and Pricing Agreement: This agreement establishes the tariffs and pricing structure for utilizing the gas storage unit. It outlines the fees, charges, and penalties associated with storage capacity reservations, gas injections, withdrawals, and any other services provided by the unit. 4. Operational and Safety Agreement: This agreement ensures the safe and efficient operation of the gas storage unit. It covers protocols and procedures for monitoring gas flow, conducting regular maintenance, emergency response plans, and compliance with safety regulations. 5. Environmental Protection Agreement: As gas storage units can have environmental impacts, this agreement focuses on mitigating any potential harm to the environment. It may include provisions for monitoring air and water quality, managing waste and emissions, and implementing environmentally friendly practices. Overall, the Guam Gas Storage Unit Agreement plays a vital role in the reliable and sustainable supply of natural gas by providing a secure storage facility on a depleted producing property. It establishes a structured relationship between the property owner and the gas storage unit operator to optimize gas storage and transportation operations while complying with legal, safety, and environmental requirements.
Guam Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)
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Natural gas storage comes with certain risks, including gas leaks, health hazards, environmental impacts, and infrastructure failures. However, implementing safety measures such as regular inspections, emergency response plans, enhanced monitoring systems, and public awareness campaigns can greatly reduce these risks.
Gas was injected for storage when its future price on the commodities futures market rose above its current market price. That gas would be sold with a future delivery date, creating an instant profit, and then held in the facility until the date contracted with the purchaser on which it was required to be delivered.
It is most commonly held in inventory underground under pressure in three types of facilities. These underground facilities are depleted reservoirs in oil and/or natural gas fields, aquifers, and salt cavern formations. Natural gas is also stored in liquid or gaseous form in above?ground tanks.
A unit agreement entails a BLM-approved agreement to cooperate in all facets of oil and gas production, without regard to lease boundaries and ownership. All unit agreements are subject to Onshore Oil and Gas Operations regulations (43 CFR Part 3160).
The whole tank floats in a circular or annular water reservoir, held up by the roughly constant pressure of a varying volume of gas, the pressure determined by the weight of the structure, and the water providing the seal for the gas within the moving walls.
Natural Gas Storage - Storage Fields The working gas requirement is generally about 50% of the total reservoir capacity. Gas is withdrawn in winter season and injected in summer. This type of storage facility can be used for long system supply or peak day.