The Oregon Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal contract that governs the establishment and operation of a gas storage unit on a depleted producing property in the state of Oregon. This agreement outlines the rights, responsibilities, and obligations of the parties involved in the storage unit venture. Key terms and keywords related to the Oregon Gas Storage Unit Agreement include: 1. Depleted Producing Property: Refers to a property, such as an oil or gas field, that has been previously exploited for its energy resources and now has reduced or depleted production capabilities. 2. Gas Storage Unit: An underground reservoir or facility where natural gas is stored for future use or to balance supply and demand fluctuations. It allows for the injection and withdrawal of natural gas as needed. 3. Storage Operations: The activities involved in the management, storage, and retrieval of natural gas within the designated storage unit. This includes injection, withdrawal, monitoring, and maintenance. 4. Reservoir Capacity: The maximum amount of natural gas that a storage unit can hold. It is important to determine the capacity to ensure efficient and reliable storage operations. 5. Rights and Ownership: This section of the agreement discusses the ownership and usage rights of the land and subsurface resources required for the establishment and operation of the storage unit. 6. Operating Procedures: Describes the norms and procedures to be followed during the operation of the gas storage unit. This includes safety measures, reporting requirements, and compliance with applicable laws and regulations. Different types of Oregon Gas Storage Unit Agreements may include: 1. Commercial Agreements: These agreements involve private entities or companies that establish and operate the gas storage unit for commercial purposes. Such agreements often involve multiple parties and complex financial arrangements. 2. Public-Private Partnerships (PPP): In some cases, the state of Oregon may enter into a partnership with private entities to establish and operate a gas storage unit. PPP agreements typically involve a mix of public and private funding, as well as shared responsibilities. 3. Joint Venture Agreements: When multiple entities or companies collaborate to establish a gas storage unit on a depleted producing property, a joint venture agreement may be used. This agreement outlines the rights, responsibilities, and profit-sharing arrangements among the participating parties. Overall, the Oregon Gas Storage Unit Agreement is a comprehensive legal document that guides the establishment and operation of a gas storage unit on a depleted producing property in Oregon. It ensures that the storage operations are conducted efficiently, safely, and in compliance with applicable laws and regulations.
Oregon Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)
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FAQ
Natural gas has an indefinite shelf life. However; it is not a good option for home storage. The properties of natural gas do not lend itself to storage a household tank.
Hear this out loud PauseNatural gas, like most other commodities, can be stored for an indefinite period of time. The exploration, production, and transportation of natural gas takes time, and the natural gas that reaches its destination is not always needed right away, so it is injected into underground storage facilities.
World Gas Reserves The world has proven reserves equivalent to 52.3 times its annual consumption. This means it has about 52 years of gas left (at current consumption levels and excluding unproven reserves).
Hear this out loud PauseNatural Gas Storage - Storage Fields The working gas requirement is generally about 50% of the total reservoir capacity. Gas is withdrawn in winter season and injected in summer. This type of storage facility can be used for long system supply or peak day.
The most common way to store natural gas is in large caverns underground. It can also be stored in smaller quantities in tanks above ground. The gas is injected into underground storage typically late in the spring or early in fall.
Natural gas is a commodity that can be stored for an indefinite period of time in natural gas storage facilities for later consumption.
Hear this out loud PauseBase gas (or cushion gas) is the volume of natural gas intended as permanent inventory in a storage reservoir to maintain adequate pressure and deliverability rates throughout the withdrawal season. Working gas capacity refers to total gas storage capacity minus base gas.
Hear this out loud PauseThe basic approach to storage valuation is to calculate the optimal position given the available forward curve and take this position on the forward market. This intrinsic value approach captures the predictable seasonal pattern in gas prices and secures a sure profit.