Wyoming Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal contract entered into by parties involved in the natural gas industry in Wyoming, USA. This agreement outlines the terms and conditions for establishing a gas storage unit on a depleted producing property in the state. Keywords: Wyoming gas storage unit agreement, depleted producing property, natural gas industry, legal contract 1. Introduction: The Wyoming Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legally binding contract that governs the establishment of a gas storage unit on a depleted producing property in Wyoming. This agreement outlines the rights and obligations of the parties involved in the natural gas industry. 2. Purpose: The primary purpose of the Wyoming Gas Storage Unit Agreement is to facilitate the development and operation of an efficient and safe gas storage unit on a depleted producing property. It aims to enhance the state's gas storage capabilities and optimize the utilization of depleted natural gas reservoirs. 3. Parties Involved: The agreement typically involves two main parties, namely the property owner or operator (lessor) and the gas storage operator (lessee). The property owner provides access to the depleted producing property, while the gas storage operator is responsible for the establishment, operation, and maintenance of the gas storage unit. 4. Terms and Conditions: The agreement includes detailed terms and conditions that cover various aspects of the gas storage unit, such as: — Duration: The agreement specifies the initial term and any renewal options. — Access and Infrastructure: It outlines the access rights granted to the gas storage operator and the necessary infrastructure development required for the unit. — Injection and Withdrawal Rights: The agreement defines the permissible injection and withdrawal capacities, rates, and schedule of the gas storage unit. — Gas Quality: It addresses the quality specifications for the gas to be stored and withdrawn from the unit. — Environmental and Safety Regulations: The agreement ensures compliance with applicable environmental and safety regulations during the operation of the gas storage unit. 5. Unit Designation: There can be different types of Wyoming Gas Storage Unit Agreements based on the designation of the unit on the depleted producing property. Some common designations include: — Depleted Reservoir Storage Unit: The gas storage unit is established in a depleted natural gas reservoir, utilizing the existing underground infrastructure. — Aquifer Storage Unit: The gas storage unit is established in an underground aquifer, which provides natural storage capacity. — Salt Cavern Storage Unit: The gas storage unit is established in a salt cavern created through solution mining, offering secure and efficient storage capabilities. In conclusion, the Wyoming Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal contract that facilitates the establishment of a gas storage unit on a depleted producing property in Wyoming. It outlines the rights, responsibilities, and terms under which the unit is developed and operated, contributing to the efficient and safe storage of natural gas in the state.
Wyoming Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)
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?Unitization? means the combining or consolidation of separately owned lease interests for joint exploration or development of a reservoir or potential hydrocarbon accumulation under the terms of a Unit Agreement.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.
Royalty Clause: The Lessor's only right to receive payments in addition to the Bonus Payment is through Royalties. Royalties are calculated as a percentage of the value of all minerals produced, typically 25%.
Unitization is a process in which two or more operating companies combine their interests in a single unitized area, allowing them to operate their wells together. Texas' standards include determining the boundaries of the unitized area and how production will be divided amongst the participating companies.
A unit agreement entails a BLM-approved agreement to cooperate in all facets of oil and gas production, without regard to lease boundaries and ownership. All unit agreements are subject to Onshore Oil and Gas Operations regulations (43 CFR Part 3160).