This form is used for the purposes of more effectively developing, producing, and operating the Unit Area in order to prevent surface and underground waste, and obtain the greatest ultimate recovery of production of oil and gas, promote conservation, and to afford each of the Parties the right to recover their fair and equitable share of the production to be obtained from the Unit Area, or to receive the attributable proceeds of such production.
Puerto Rico Gas Storage and Secondary Recovery Unit Agreement
Category:
State:
Multi-State
Control #:
US-OG-774
Format:
Word;
Rich Text
Instant download
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FAQ
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 ...
Natural gas and petroleum generate about 81% of the electricity for the island. This import dependence is, in fact, a large cause of Puerto Rico's high electricity costs.
Puerto Rico has no proved reserves or production of fossil fuels. The Commonwealth has some renewable resources in the form of solar, wind, hydropower, and biomass, but relies primarily on imported fossil fuels to meet its energy needs. Puerto Rico consumes almost 70 times more energy than it produces.
Puerto Rico Quick Facts For fiscal year 2022 (July 2021 to June 2022), natural gas-fired power plants generated 43% of Puerto Rico's total electricity. Petroleum generated an additional 37% of total electricity, coal generated 17%, and renewables generated 3%.
"Puerto Rico's Green New Deal," as Rua-Jovet called it, sets a benchmark of 40% of electricity from renewables by 2025 and 60% by 2040. Right now, though, solar, wind and other clean energy sources generate only about 3% of the island's electricity. The remaining 97% come from fossil fuel-fired power plants.
The Puerto Rico Energy Public Policy Act (Act 17), passed in 2019, set a goal for the territory to transition away from imported fossil fuels and instead meet its electricity needs with 100% renewable energy by 2050, 60% by 2040, and 40% by 2025.
Puerto Rico is home to some of the largest wind and solar power farms in the Caribbean. Puerto Rico's renewable resources include solar energy, wind energy, hydropower, and biomass.