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.
Maine Gas Storage and Secondary Recovery Unit Agreement is a legally binding contract that outlines the terms and conditions between a gas storage company and a secondary recovery unit operator. This agreement governs the terms of collaboration, rights, and obligations of both parties involved in the gas storage and secondary recovery process. The purpose of this agreement is to establish a framework for the efficient storage and recovery of natural gas in Maine. It enables the gas storage company to utilize the secondary recovery unit to extract additional gas from depleted reservoirs or underground storage facilities. The agreement ensures a smooth and regulated process of gas storage and recovery while protecting the rights and interests of both parties. Relevant keywords related to the Maine Gas Storage and Secondary Recovery Unit Agreement include: 1. Gas Storage: Refers to the process of storing natural gas in underground reservoirs or depleted fields for future use. 2. Secondary Recovery Unit: A facility or equipment used to extract or recover additional gas from existing wells or depleted reservoirs. 3. Natural Gas: A hydrocarbon fuel formed from organic matter buried deep inside the earth, mainly consisting of methane and other hydrocarbons. 4. Contract: A legally binding agreement that defines the rights and obligations of the parties involved. 5. Maine: Refers to the state of Maine, located in the northeastern United States. 6. Depleted Reservoirs: Underground formations from which a significant quantity of gas has already been produced. 7. Underground Storage Facilities: Man-made structures or cavities used to store large quantities of natural gas underground. 8. Collaboration: The act of working together to achieve a common goal. Types of Maine Gas Storage and Secondary Recovery Unit Agreement: 1. Lease Agreement: A type of agreement where the gas storage company leases the secondary recovery unit from the operator for a specific period, outlining the terms of compensation, rights, and responsibilities. 2. Joint Venture Agreement: A partnership agreement between the gas storage company and the secondary recovery unit operator, where both parties share the risks, costs, and profits associated with the gas storage and recovery operation. 3. Service Agreement: This type of agreement outlines the terms of service provided by the secondary recovery unit operator to the gas storage company. It includes details about the scope of work, technical specifications, and compensation for services rendered. In conclusion, the Maine Gas Storage and Secondary Recovery Unit Agreement is a vital legal instrument that governs the gas storage and secondary recovery process in Maine. It facilitates collaboration between gas storage companies and secondary recovery unit operators, ensuring efficient utilization of natural gas resources while safeguarding the interests of all parties involved.
