New York Notice and Declaration of Gas Storage Provided For in Oil and Gas Lease
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How to fill out Notice And Declaration Of Gas Storage Provided For In Oil And Gas Lease?
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FAQ
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
If the lease does not contain a cessation of production clause, the lessee may nevertheless be protected by the common law ?temporary cessation of production? doctrine. This doctrine allows the lessee to avoid lease termination by establishing that the cessation of production is only temporary.
May 3 (Reuters) - New York has become the first U.S. state to pass legislation banning the use of natural gas for heating and cooking in some new buildings, a plan designed to reduce carbon emissions but opposed by industry groups as excessive and costly.
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
New York's new law will effectively ban natural gas stoves in most new homes and buildings by as early as 2026. New York is the first state in the country to ban natural gas and other fossil fuels in most new buildings ? a major win for climate advocates, but a move that could spark pushback from fossil fuel interests.
