This Agreement is entered into, between the parties subscribing, ratifying, or consenting to it. The Parties are the owners of working, royalty, or other oil and gas interests in the Unit Area subject to this Agreement.
The Mineral Leasing Act of February 25, 1920, 41 Stat. 437, as amended, 30 U.S.C., Secs. 181 et seq., authorizes Federal lessees and their representatives to unite with each other, or jointly or separately with others, in collectively adopting and operating a cooperative or unit plan of development or operation of all or any part of any oil or gas pool, field, or like area, for the purposes of more properly conserving the natural resources whenever determined and certified by the Secretary of the Interior of the United States, to be necessary or advisable in the public interest.
The Idaho Unit Agreement and Plan of Unitization involves a comprehensive framework that governs the exploration, development, and production of oil and gas resources within a specific geographic area in the state of Idaho. This agreement establishes a collaborative approach between multiple operators and stakeholders to efficiently manage and maximize the economic potential of the designated unit or field. The primary goal of the Idaho Unit Agreement and Plan of Unitization is to ensure the orderly and coordinated extraction of hydrocarbons while minimizing waste and protecting the environment. By pooling their resources and expertise, operators can jointly operate an unitized field, optimizing production and accelerating recovery. This agreement serves as a legal document that outlines the rights and responsibilities of all parties involved. Keywords: Idaho, Unit Agreement, Plan of Unitization, oil and gas resources, exploration, development, production, collaborative approach, operators, stakeholders, economic potential, designated unit, orderly extraction, coordinated extraction, hydrocarbons, waste minimization, environmental protection, pooling resources, joint operation, optimized production, recovery acceleration, legal document, rights and responsibilities. There may be different types of Idaho Unit Agreements and Plans of Unitization depending on the specific requirements of the hydrocarbon field and the involved parties. For example, some agreements may be focused on standardizing operational practices, production sharing, or cost allocation among multiple participating operators. Other types of unit agreements may address environmental regulations, water management, or reservoir engineering techniques to enhance productivity and recovery rates. Alternative types of Idaho Unit Agreements and Plans of Unitization can also involve agreements between public and private entities, government agencies, and indigenous communities, where the focus may extend beyond economic considerations to incorporate aspects of cultural preservation, community development, and environmental sustainability. Overall, the Idaho Unit Agreement and Plan of Unitization plays a crucial role in fostering collaboration, ensuring optimal resource management, and promoting responsible development within the state's oil and gas sector. Keywords: types, specific requirements, hydrocarbon field, participating operators, standardizing operational practices, production sharing, cost allocation, environmental regulations, water management, reservoir engineering techniques, productivity enhancement, recovery rate improvement, public entities, private entities, government agencies, indigenous communities, cultural preservation, community development, environmental sustainability, resource management, responsible development, oil and gas sector.
