Keywords: Washington Gas Storage Unit Agreement, establish unit, depleted producing property, types The Washington Gas Storage Unit Agreement is a legal contract that outlines the terms and conditions for establishing a gas storage unit on a depleted producing property. It is a crucial agreement between the parties involved, ensuring that the gas storage operations are conducted efficiently and in compliance with all applicable laws and regulations. This agreement defines the rights and responsibilities of the gas storage unit owners and the property owners, protecting the interests of both parties. It outlines the specific terms related to the establishment, management, and operation of the gas storage unit on the depleted producing property. There are different types of Washington Gas Storage Unit Agreements, depending on the specific arrangements made between the parties. These types may include: 1. Standard Washington Gas Storage Unit Agreement: This is the most common type of agreement, where the gas storage unit is established on a depleted producing property for storing and extracting natural gas for various purposes, such as industrial or commercial use. 2. Cooperative Washington Gas Storage Unit Agreement: In this type of agreement, multiple parties come together to jointly establish a gas storage unit on a depleted producing property. The agreement outlines the cooperative efforts, responsibilities, and profit-sharing arrangements among the participating parties. 3. Customized Washington Gas Storage Unit Agreement: Sometimes, the parties may opt for a customized agreement to cater to specific requirements or unique circumstances. This type of agreement includes tailored clauses and provisions that address the specific needs and concerns of the parties involved. Regardless of the type, a Washington Gas Storage Unit Agreement typically includes provisions related to the duration of the agreement, fees and payments, usage rights, safety measures, liabilities, and dispute resolution mechanisms. The agreement also highlights the obligations and operational standards that need to be adhered to by both the gas storage unit owners and the property owners. It is essential to consult legal experts and professionals familiar with gas storage regulations when drafting or entering into a Washington Gas Storage Unit Agreement. This ensures that the agreement is comprehensive, enforceable, and protects the rights and interests of all parties involved.
Washington Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)
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The intrinsic valuation methodology derives value from time spreads in the price of gas. Months for which the forward price is relatively low are chosen from the current forward curve for entering into a long position and injecting gas into the facility.
Natural gas, like most other commodities, can be stored for an indefinite period of time. The exploration, production, and transportation of natural gas takes time, and the natural gas that reaches its destination is not always needed right away, so it is injected into underground storage facilities.
The basic approach to storage valuation is to calculate the optimal position given the available forward curve and take this position on the forward market. This intrinsic value approach captures the predictable seasonal pattern in gas prices and secures a sure profit.
There are three principal types ? depleted gas reservoirs, aquifer reservoirs and salt cavern reservoirs. Each of these types has distinct physical and economic characteristics which govern the suitability of a particular type of storage type for a given application.
The storage value is a portfolio of complex spread options. The value of the spread option is a function of the value of the forward contracts plus the risk-neutral expectation of the future forward value spread. The factor driving the spread option values (storage value) is the variability of the forward curve.
Deliverability is most often expressed as a measure of the amount of gas that can be delivered (withdrawn) from a storage facility on a daily basis. Also referred to as the deliverability rate, withdrawal rate, or withdrawal capacity, deliverability is usually expressed in terms of million cubic feet per day (MMcf/d).
Depleted natural gas or oil fields function as gas storage reservoirs in California. Natural gas is injected into the storage reservoirs through gas storage wells and stored until withdrawn for use. There are 12 underground natural gas storage fields in the state.
The market part of the storage value has two components: intrinsic and extrinsic value. While intrinsic value is a static view of the forward curve, extrinsic value is a complex function of the seasonal spread, spot price volatility, forward spread volatility, asset flexibility and individual optimisation strategies.