North Carolina Unit Agreement and Plan of Unitization

State:
Multi-State
Control #:
US-OG-738
Format:
Word; 
Rich Text
Instant download

Description

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.


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FAQ

Unitisation enables the exploitation, as a single unit, of Oil and Gas deposits in fields/reservoirs straddling two or more parties' mutual concession boundaries, under a single authority notwithstanding the respective permits or contract areas different contractual terms.

The process whereby an oil or gas reservoir straddling multiple licence areas is jointly developed by the holders of each licence. A key principle of unitisation is that the straddling reservoir is physically developed as though the boundary between the licence areas does not exist.

When an oil and gas field is unitized, the various owners of the tracts above the reservoir work together to extract the reservoir's oil and gas. The Unitization Agreement aims to protect the interests of all parties involved while also avoiding some legal pitfalls.

A unitized fund is a way to pool assets from several investors often in a focused investment such as a single stock. Pensions and employee stock ownership plans (ESOPs) that offer workers company stock often use a unitized fund structure to increase efficiency in managing these shares.

Unitization is the joint, coordinated operation of a petroleum reservoir by all the different owners of the reservoir; it is the best mechanism for assuring the maximum recovery of hydrocarbons in an efficient manner.

Unitization is the act of consolidating multiple smaller units into a larger unit for improved warehouse efficiency, quicker packaging and arranging, and more efficient handling and transportation.

Unit Operating Agreement means any operating or unit agreement to which a Company is a party or by which it is legally or contractually bound governing oil and gas drilling, completion, and other operations and related activities in any Unit.

§ 3217.11 What are communitization agreements? Under communitization agreements (also called drilling agreements), operators who cannot independently develop separate tracts due to well-spacing or well development programs may cooperatively develop such tracts.

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North Carolina Unit Agreement and Plan of Unitization