New Jersey Unit Agreement and Plan of Unitization

Category:

Oil Gas and Minerals - Pooling and Unitization

State:

Multi-State

Control #:

US-OG-738

Format:

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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How to fill out Unit Agreement And Plan Of Unitization?

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FAQ

?Unit operations? means a unit consisting of a portion of a lease, a lease, or more than one lease or portions thereof which covers contiguous lands containing one or more common sources of supply which has been approved by Commission order as a unit for the purpose of unitized management, after notice and hearing.

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.

The goal of unitisation is to ensure that different block owners sharing a common accumulation develop the field as a single unit. Licence holders sharing a common field will enter into a unitisation agreement, which will firstly establish the percentage interests in the unit.

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.

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.

?Unitization? means the combining or consolidation of separately owned lease interests for joint exploration or development of a reservoir or potential hydrocarbon accumulation under the terms of a Unit Agreement.

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.

New Jersey Unit Agreement and Plan of Unitization

Description

Related forms

Viewed forms

How to fill out Unit Agreement And Plan Of Unitization?

Form popularity

FAQ

What are unit operations in oil and gas industry?

What is the process of unitization?

What is the reason for Unitisation?

What is a unit operating agreement?

What is a Unitisation agreement?

What is unitisation in oil and gas industry?

What is a unitization agreement?

How does unitization work?

Trusted and secure by over 3 million people of the world’s leading companies

New Jersey Unit Agreement and Plan of Unitization

Description

Related forms

Viewed forms

How to fill out Unit Agreement And Plan Of Unitization?

Form popularity

FAQ

What are unit operations in oil and gas industry?

What is the process of unitization?

What is the reason for Unitisation?

What is a unit operating agreement?

What is a Unitisation agreement?

What is unitisation in oil and gas industry?

What is a unitization agreement?

How does unitization work?

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