This form is an agreement used when the Owner is the owner of oil and gas properties consisting of producing mineral, royalty, overriding royalty, and working interests, and/or leased and unleased nonproducing mineral and royalty interests, all collectively referred to in this Agreement as the Properties. Owner desires to engage the services of Manager to advise and assist Owner in the management of the Properties, and Manager is willing to undertake those responsibilities in accordance with this Agreement.
Puerto Rico Oil Gas Service Agreement for Management of Properties
Category:
State:
Multi-State
Control #:
US-OG-629
Format:
Word;
Rich Text
Instant download
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How to fill out Oil Gas Service Agreement For Management Of Properties?
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FAQ
LUMA has been in Puerto Rico since June of 2021 and was contracted to work with the Puerto Rico Electric Power Authority (PREPA) in managing the island's power. PREPA is now solely responsible for electricity generation while LUMA oversees transmission and distribution.
The LUMA contract identifies a scope of services that goes beyond management of PREPA's transmission and distribution assets and gives LUMA responsibility for planning, rate setting, asset management, budgeting, procurement, collections, public relations and other financial matters.
The company is a joint venture between Houston company Quanta Services Inc. and Alberta, Canada company ATCO. Both companies have an equal share in LUMA, which was built with the express purpose of managing Puerto Rico's power grid. LUMA Energy is currently presided by CEO Wayne Stensby.
The two companies that sponsor LUMA?Quanta Services and ATCO?are worth about $12 billion. These companies are too small to meet the challenge in Puerto Rico. If federal funds fail to materialize at the level or on the schedule anticipated, these companies are poorly positioned to step in to complete the task.
Many islanders believe that LUMA has badly mismanaged electricity distribution since it was awarded control of the island's power grid two years ago. Near La Fortaleza, a 16th-century fortress converted into the Puerto Rican governor's palace, the streets filled with tear gas.
In 2019, the Puerto Rico legislature passed the Puerto Rico Energy Public Policy Act (Act 17) , setting a goal for the commonwealth to meet 100% of its electricity needs with renewable energy by 2050, with interim targets of 40% by 2025, 60% by 2040, the phaseout of coal-fired generation by 2028, and a 30% improvement ...
Puerto Rico does not produce natural gas and has no proved reserves.
Puerto Rico's renewable resources include solar energy, wind energy, hydropower, and biomass. Under the Puerto Rico Energy Public Policy Act, PREPA must obtain 40% of its electricity supply from renewable resources by 2025, 60% by 2040, and 100% by 2050.
