Lease of Premises for Underground Gas Storage is a contract between a landowner and a gas storage operator that grants the operator the right to store natural gas underground. This type of agreement allows the operator to use the landowner's property to store the gas in a subsurface reservoir, such as an aquifer or an underground salt dome. The lease is designed to protect the interests of both parties by providing legal instructions on the storage and removal of the gas, as well as the payment of royalties to the landowner. There are two main types of Lease of Premises for Underground Gas Storage: the Standard Form Lease and the Negotiated Lease. The Standard Form Lease is a pre-written lease agreement that is commonly used by both parties. This type of lease contains predetermined terms and conditions, such as the length of the lease, royalty payments, and the storage and removal of gas. The Negotiated Lease is a customized agreement that is tailored to the specific needs of the parties. This type of lease allows the parties to negotiate the terms and conditions of the agreement, such as the royalty payments and the storage and removal of the gas.
Lease of Premises for Underground Gas Storage
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