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.
Nebraska Gas Storage and Secondary Recovery Unit Agreement, also known as NGS SRU Agreement, is a legal contract that establishes the terms and conditions between parties involved in the gas storage and secondary recovery operations in Nebraska. This agreement outlines the rights, responsibilities, and obligations of both the gas storage operator and the secondary recovery unit operator. Keywords: 1. Nebraska: Pertaining to the state in the Midwestern region of the United States where the gas storage and secondary recovery operations take place. 2. Gas Storage: Refers to the process of injecting and storing natural gas underground in underground storage facilities for later retrieval and use. 3. Secondary Recovery: Involves the extraction of additional oil or gas from a reservoir after the primary recovery methods have been exhausted. 4. Unit Agreement: A legal contract that defines the relationship, roles, and responsibilities between parties involved in specific activities or operations. Types of Nebraska Gas Storage and Secondary Recovery Unit Agreement: 1. Storage Agreement: This agreement focuses primarily on the gas storage operations, establishing the terms and conditions for the injection, storage, withdrawal, and management of natural gas in the underground storage facility. 2. Secondary Recovery Agreement: This agreement is specific to secondary recovery operations, outlining the terms and conditions for the extraction of additional oil or gas from the reservoir using various techniques such as water flooding, gas injection, or CO2 injection. 3. Combined Storage and Secondary Recovery Unit Agreement: Some agreements may encompass both gas storage and secondary recovery operations. These agreements establish the comprehensive terms and conditions for both the storage and extraction activities, addressing the rights and obligations of the parties involved in each process. The Nebraska Gas Storage and Secondary Recovery Unit Agreement plays a crucial role in facilitating efficient gas storage and secondary recovery operations in Nebraska. It ensures that all parties involved are aware of their rights, obligations, and liabilities, creating a clear framework for the successful execution of these operations and promoting the sustainable use of natural resources.
