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.
The Vermont Gas Storage and Secondary Recovery Unit Agreement is a legal contract entered into by parties involved in the energy industry for the purpose of natural gas storage and secondary recovery operations. This agreement outlines the terms and conditions, rights, and obligations of all parties involved in utilizing the gas storage and secondary recovery facilities in Vermont. Being a versatile agreement, there are several types of Vermont Gas Storage and Secondary Recovery Unit Agreements that can be categorized based on their specific purpose and scope. 1. Gas Storage Agreement: This type of agreement focuses solely on the storage of natural gas. It outlines the conditions for the reservation, injection, and withdrawal of gas from storage facilities. Parties involved may include gas producers, pipeline operators, and storage providers. 2. Secondary Recovery Unit Agreement: This agreement relates to the secondary recovery of natural gas, which involves the extraction of additional gas from depleted reserves using various techniques such as gas injection or gas flooding. This agreement defines the rights and responsibilities of the parties involved in the secondary recovery operations, including operators, landowners, and investors. 3. Commingled Gas Storage Agreement: In cases where multiple parties wish to store their gas reserves collectively in a single storage facility, a Commingled Gas Storage Agreement is established. This agreement details the sharing, utilization, and allocation of gas storage capacities among the participants, ensuring fair access and efficient operation. 4. Unitization Agreement: When gas reservoirs span multiple parcels of land or wells, an Unitization Agreement is executed to enable collective production, storage, and recovery operations. This agreement establishes a unified and coordinated approach among landowners, operators, and stakeholders to optimize extraction and recovery efforts efficiently. The Vermont Gas Storage and Secondary Recovery Unit Agreement serves as a crucial legal instrument to govern the operations, rights, and obligations related to gas storage and secondary recovery activities in Vermont. It ensures regulatory compliance, promotes fair resource allocation, and facilitates smooth collaboration between industry participants.
