Virgin Islands Declaration of Pooled Unit - Short Form

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• Control #: US-OG-376
• Format: Word; Rich Text

Description

This declaration is executed by an Operator and filed of record for the purpose of exercising the pooling authority granted to the Lessee in the Leases, and giving notice of the Lands included in the Unit established by the Operator.

The Virgin Islands Declaration of Pooled Unit — Short Form is a legal document that outlines the agreement and terms between multiple parties participating in a pooled unit in the Virgin Islands. In this pooled unit, multiple landowners or leaseholders collectively join their interests, rights, and resources for the purpose of oil and gas exploration, production, or development. This declaration serves as a comprehensive guideline to ensure a smooth and efficient operation of the pooled unit, while protecting the interests and rights of all involved parties. It establishes the framework for resource management, profit-sharing, liability distribution, operational procedures, and decision-making processes among the participants. Keywords: Virgin Islands, Declaration of Pooled Unit, Short Form, legal document, agreement, terms, parties, landowners, leaseholders, pooled unit, oil and gas exploration, production, development, interests, rights, resources, operation, profit-sharing, liability distribution, operational procedures, decision-making processes. Different types of Virgin Islands Declaration of Pooled Unit — Short Form may include: 1. Oil and Gas Exploration Pooled Unit: This type of declaration primarily focuses on the exploration and identification of oil and gas reserves within the Virgin Islands jurisdiction. It includes provisions related to seismic surveys, drilling operations, and the evaluation of potential reserves. 2. Production Pooled Unit: This declaration type is utilized when the primary objective is to extract and produce oil and gas from the pooled unit. It outlines the production targets, extraction methods, delivery mechanisms, and allocation of revenues generated from the commercial production. 3. Development Pooled Unit: A development pooled unit declaration is used when the objective is to develop and expand the existing oil and gas infrastructure within the Virgin Islands. It includes provisions for construction activities, installation of pipelines, establishment of processing facilities, and coordination of development plans among the participants. 4. Offshore Pooled Unit: This type of declaration specifically applies to pooled units located in offshore areas of the Virgin Islands. It addresses the unique challenges and considerations related to offshore exploration, production, and development activities, such as environmental protection measures, maritime safety standards, and jurisdictional concerns. 5. Onshore Pooled Unit: An onshore pooled unit declaration caters to pooled units situated within the territorial land of the Virgin Islands. It may include specific provisions related to land acquisition, access rights, and regulatory compliance regarding onshore operations, including drilling, well construction, and environmental impact assessments. Keywords: Virgin Islands, Declaration of Pooled Unit, Short Form, oil and gas exploration, production, development, seismic surveys, drilling operations, evaluation, production targets, extraction methods, revenues, construction activities, pipelines, processing facilities, offshore, onshore, environmental protection, maritime safety, land acquisition, access rights, regulatory compliance.