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.
The Iowa Gas Storage and Secondary Recovery Unit Agreement is a legal contract that outlines the terms and conditions between parties involved in the storage and recovery of natural gas in the state of Iowa. This agreement serves as a framework to govern the operations, responsibilities, and rights of the parties involved in the gas storage and secondary recovery processes. There are different types of Iowa Gas Storage and Secondary Recovery Unit Agreements that vary based on specific details and requirements. These include: 1. Underground Gas Storage Agreement: This type of agreement is specific to the underground storage of natural gas. It defines the terms between the storage providers, who own and operate the storage facilities, and the gas owners, who require storage services for their natural gas supplies. This agreement covers issues such as storage capacity, rates, injection, and withdrawal procedures, as well as maintenance and safety standards. 2. Secondary Recovery Unit Agreement: This agreement involves the extraction of additional natural gas reserves from existing fields or reservoirs. It establishes the relationship between the operators, who are responsible for implementing the secondary recovery techniques, and the resource owners, who hold the rights to the gas. The agreement outlines the ownership rights, royalty payments, operational responsibilities, and any additional terms related to the secondary recovery process. 3. Joint Gas Storage and Secondary Recovery Agreement: In some cases, a combined agreement may be utilized when gas storage and secondary recovery operations occur simultaneously at a single location. This agreement covers both the storage and secondary recovery aspects, including provisions for storage facilities and associated infrastructure, as well as the secondary recovery techniques and operations. These agreements are designed to protect the interests of all parties involved and ensure the smooth operation of gas storage and secondary recovery activities in Iowa. Through these contracts, the participants can establish a clear understanding of their rights, obligations, and liabilities, promoting efficient and sustainable gas storage and recovery operations.
