This is a provision for an Operating Agreement that concerns the Assignment of rights to an obligatory well. It provides the assignment options if any proposed operations are necessary to maintain a Lease covered by the Agreement in force or an agreement to earn a lease(s) which would otherwise expire unless operations are conducted.
West Virginia Obligatory Well
Category:
State:
Multi-State
Control #:
US-OG-710
Format:
Word;
Rich Text
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How to fill out Obligatory Well?
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FAQ
West Virginia currently ranks #9 in the nation based on barrels of oil equivalent (BOE) production.
West Virginia's first oil field began producing just before the Civil War, and peak production of 16 million barrels per year was reached in 1900. Although the state's annual crude oil production in the 21st century is much less than 1% of the nation's total, production has been rapidly increasing since 2012.
West Virginia has a minor amount of crude oil reserves, and the state accounted for less than 0.5% of U.S. crude oil production in 2021. West Virginia's first commercial oil field began producing just before the Civil War, and the state's total annual crude oil production rose to a high of 16 million barrels in 1900.
The West Virginia Geological and Economic Survey provides an interactive map of over 144,000 oil and gas wells in West Virginia.
By the middle of the 20th century West Virginians struggled with unreclaimed strip mines, acid drainage from deep mines, fire-scarred forests, and leaking oil and gas wells and pipelines. Sound environmental practices were slow in coming. Cutover forests suffered wildfires, which led to erosion and flooding.
Rystad Energy expects around 54,000 wells to be drilled worldwide in 2021, a 12% increase from 2020 levels. In 2022 drilling is set to increase even more, by another 19% year-on-year to about 64,500 wells, though activity will still fall short of the 73,000 wells drilled in 2019.
