The Wisconsin Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal contract that governs the establishment and operation of a gas storage unit on a depleted producing property in the state of Wisconsin. This agreement outlines the terms and conditions under which gas storage activities can be carried out, ensuring the responsible and efficient utilization of depleted fields for natural gas storage purposes. Key features of the Wisconsin Gas Storage Unit Agreement include: 1. Depleted Producing Property: The agreement pertains specifically to depleted producing properties, which have previously been used for extracting natural gas or other hydrocarbons. These properties have the potential to serve as storage sites due to their unique geological characteristics. 2. Establishment of Gas Storage Unit: The agreement defines the process and requirements for establishing a gas storage unit on the designated depleted producing property. This involves assessing the feasibility of the site for storage and obtaining the necessary permits and approvals from regulatory authorities. 3. Storage Operations: The agreement outlines the operational aspects of the gas storage unit, including the injection and withdrawal of natural gas, maintenance of storage pressure, and overall management of the storage activities. It also includes safety and environmental provisions to ensure compliance with regulations. 4. Unitization: In some instances, multiple parties may have a stake in a depleted producing property. In such cases, the agreement may address the unitization process, which allows for the coordination and sharing of resources among the different owners for efficient gas storage operations. 5. Duration and Termination: The Wisconsin Gas Storage Unit Agreement specifies the duration of the arrangement and the conditions under which it may be terminated. It may include provisions for extension, renewal, or early termination based on various factors such as economic viability, production levels, or regulatory changes. Types of Wisconsin Gas Storage Unit Agreements: 1. Depleted Field Gas Storage Agreement: This type of agreement specifically focuses on converting an existing depleted field into a gas storage unit. It may involve the redevelopment of infrastructure, such as wells and pipelines, to support storage operations. 2. Combined Production and Storage Agreement: In certain cases, gas storage activities may be carried out simultaneously with ongoing production activities on the same property. This type of agreement addresses the arrangements and responsibilities of various parties involved in the dual-use of the depleted producing property. 3. Unitization Agreement: When multiple parties hold interests in a depleted producing property and wish to establish a gas storage unit collectively, an unitization agreement may be used. This agreement defines the ownership shares, operational procedures, and financial arrangements among the participating parties. In conclusion, the Wisconsin Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) governs the establishment, operation, and management of gas storage units on depleted producing properties in Wisconsin. It ensures the utilization of these properties for efficient and responsible gas storage activities, providing a framework for collaboration and compliance among the involved parties.
Wisconsin Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)
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FAQ
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.
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.
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).
The main function of gas storages is to inject and store natural gas at time of low prices and/or low demand and use the gas by withdrawing at times of higher prices and/or higher demand. We can identify three parameters to characterize a gas storage: working gas volume, injection capacity and withdrawal capacity.
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.