The New York Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) is a legislative change that aims to address the storage of natural gas within the state of New York. This amendment introduces modifications to existing oil, gas, and mineral lease agreements to allow for the storage of gas in underground facilities. It is crucial to comply with this amendment to ensure proper utilization of natural resources while mitigating environmental risks. There are several types of New York Amendments to Oil, Gas and Mineral Lease (to Provide for Gas Storage), which may vary based on specific regulations and requirements. Some key types include: 1. Underground Gas Storage Lease Amendment: This type of amendment focuses on incorporating provisions in oil, gas, and mineral lease agreements to facilitate the storage of gas in underground reservoirs or cavities. It outlines the obligations, rights, and responsibilities of both the lessor and lessee regarding gas storage operations. 2. Well site Lease Amendment: This amendment concentrates on modifying existing lease agreements to allow for the construction and operation of gas storage well sites. It outlines the technical aspects of the wells, such as drilling, casing, and plugging procedures, as well as safety measures and environmental protection measures. 3. Environmental Compliance Amendment: This type of amendment emphasizes compliance with environmental regulations and requirements when conducting gas storage activities. It covers aspects such as monitoring and reporting of gas storage operations' impact on air quality, water resources, and soil integrity. Additionally, it may outline remediation measures in case of any accidental spills or leaks. 4. Financial Consideration Amendment: This amendment pertains to the financial aspects of gas storage, including royalties, payments, and liabilities. It may include provisions for revenue sharing, cost recovery, and financial guarantees to ensure adequate compensation for the lessor and the state. Overall, the New York Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) aims to create a framework that allows for safe and sustainable gas storage operations within the state. By implementing these amendments, the government aims to strike a balance between resource development, economic benefits, and environmental protection. Proper compliance with the various types of amendments ensures the responsible and efficient utilization of natural gas resources in New York.
New York Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage)
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FAQ
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
Royalty Clause: The Lessor's only right to receive payments in addition to the Bonus Payment is through Royalties. Royalties are calculated as a percentage of the value of all minerals produced, typically 25%.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
A clause in an oil & gas lease that keeps the lease in effect after a dry hole is drilled. The lessee must start drilling a new well within a specified time.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
Royalty Payment Clauses A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the lessee's production costs. This is stipulated in a Royalty Clause. The royalty is paid by the lessee to the owner of the mineral rights, the lessor in the lease.
By way of background, a ?free use? clause is a provision in an oil/gas lease which gives the lessee the right to use gas produced from the leasehold.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.