This form is used when the Operator desires to amend the Designation of Pooled Unit, as permitted by the terms of the Leases included in the Unit, to (increase/reduce) the size of the Unit so that, on the Effective Date of this Amendment, the Unit will consist of a specific number of acres of land, which lands are to be depicted on a plat attached to this Amendment.
The Virgin Islands Amendment to Pooled Unit Designation refers to the process of modifying or changing the existing pooled unit designation in the Virgin Islands oil and gas industry. This amendment is crucial to ensure effective and efficient resource development, production, and management within the region. The Virgin Islands Amendment to Pooled Unit Designation involves the revision of the existing agreement that outlines the boundaries and composition of pooled units. Pooled units are arrangements where multiple oil and gas leases or tracts are combined to form a single production unit, providing operators with greater flexibility in exploration and production activities. There are different types of Virgin Islands Amendment to Pooled Unit Designation, with each type focusing on specific aspects related to pooled unit boundaries, acreage allocation, or operational parameters. Some key variants include: 1. Boundary Modification: This amendment type is utilized when there is a need to redefine the boundaries of existing pooled units. It may involve the inclusion or exclusion of leases, tracts, or specific geographic areas based on geological, technical, or operational considerations. 2. Acreage Allocation Adjustment: This type of amendment is implemented when the proportion of acreage allocated to each lease or tract within a pooled unit needs to be revised. It could be due to changes in the estimated reserves, production performance, or other factors influencing the economics of development. 3. Operational Parameter Modification: This amendment variant focuses on updating the operational parameters within a pooled unit designation. It may encompass changes in drilling techniques, well spacing requirements, production limitations, or reporting standards to optimize resource extraction and ensure compliance with industry regulations. An effective Virgin Islands Amendment to Pooled Unit Designation requires thorough analysis, evaluation, and collaboration between the relevant stakeholders, including operators, regulators, and landowners. The process typically involves public consultations, technical reviews, and legal considerations to ensure transparency, fairness, and adherence to environmental and safety standards. By adopting the Virgin Islands Amendment to Pooled Unit Designation, the region aims to enhance resource management, promote responsible energy development, and maximize the benefits of oil and gas extraction while mitigating potential negative impacts on the environment and local communities.
