Colorado Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1016
• Format: Word; Rich Text

Description

This is an agreement to establish a gas storage unit on depleted producing property. Colorado Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal contract that outlines the terms and conditions for establishing a gas storage unit on a depleted producing property in the state of Colorado. This agreement is essential for efficient and organized gas storage operations, ensuring the rights and responsibilities of all parties involved are properly defined and regulated. Key elements covered in the Colorado Gas Storage Unit Agreement include: 1. Parties involved: Identification of the parties involved in the agreement, which typically include the operator of the depleted producing property and the entity or entities looking to establish a gas storage unit. 2. Property details: Description of the specific depleted producing property where the gas storage unit will be established, including its location, size, and any relevant geologic or engineering data. 3. Purpose and terms: Clearly-defined objectives and purpose of establishing the gas storage unit, as well as the duration and terms of the agreement. This includes the rights and obligations of the parties during the operation and termination of the unit. 4. Storage capacity and rights: Specification of the storage capacity available within the unit and the rights granted to the gas storage unit operator regarding the injection, storage, and withdrawal of gas. This also covers the conditions for priority access to stored gas during peak demand periods. 5. Operations and maintenance: Procedures and protocols for the safe and efficient operation, monitoring, and maintenance of the gas storage unit and related infrastructure. This includes compliance with applicable regulatory requirements, reporting obligations, and any necessary inspections or audits. 6. Tariffs, fees, and payments: Determination of the tariffs, fees, and payments associated with the use of the gas storage unit. This includes provisions for cost allocation, pricing mechanisms, and any potential adjustments based on market conditions or changes in operating costs. 7. Liability and indemnification: Allocation of liabilities, responsibilities, and insurance requirements among the parties involved, including provisions for indemnification in case of accidents, damages, or legal actions related to the gas storage unit operations. 8. Dispute resolution: Mechanisms for resolving disputes or disagreements arising from the interpretation or execution of the agreement, such as mediation or arbitration procedures, to ensure a fair and timely resolution. It is important to note that the Colorado Gas Storage Unit Agreement may have different variations or specific types depending on the unique circumstances of each agreement. Some examples of these variations may include agreements specifically tailored for onshore or offshore gas storage, agreements involving multiple parties or properties, or agreements with specific provisions for environmental protection or stakeholder involvement.

Colorado Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal contract that outlines the terms and conditions for establishing a gas storage unit on a depleted producing property in the state of Colorado. This agreement is essential for efficient and organized gas storage operations, ensuring the rights and responsibilities of all parties involved are properly defined and regulated. Key elements covered in the Colorado Gas Storage Unit Agreement include: 1. Parties involved: Identification of the parties involved in the agreement, which typically include the operator of the depleted producing property and the entity or entities looking to establish a gas storage unit. 2. Property details: Description of the specific depleted producing property where the gas storage unit will be established, including its location, size, and any relevant geologic or engineering data. 3. Purpose and terms: Clearly-defined objectives and purpose of establishing the gas storage unit, as well as the duration and terms of the agreement. This includes the rights and obligations of the parties during the operation and termination of the unit. 4. Storage capacity and rights: Specification of the storage capacity available within the unit and the rights granted to the gas storage unit operator regarding the injection, storage, and withdrawal of gas. This also covers the conditions for priority access to stored gas during peak demand periods. 5. Operations and maintenance: Procedures and protocols for the safe and efficient operation, monitoring, and maintenance of the gas storage unit and related infrastructure. This includes compliance with applicable regulatory requirements, reporting obligations, and any necessary inspections or audits. 6. Tariffs, fees, and payments: Determination of the tariffs, fees, and payments associated with the use of the gas storage unit. This includes provisions for cost allocation, pricing mechanisms, and any potential adjustments based on market conditions or changes in operating costs. 7. Liability and indemnification: Allocation of liabilities, responsibilities, and insurance requirements among the parties involved, including provisions for indemnification in case of accidents, damages, or legal actions related to the gas storage unit operations. 8. Dispute resolution: Mechanisms for resolving disputes or disagreements arising from the interpretation or execution of the agreement, such as mediation or arbitration procedures, to ensure a fair and timely resolution. It is important to note that the Colorado Gas Storage Unit Agreement may have different variations or specific types depending on the unique circumstances of each agreement. Some examples of these variations may include agreements specifically tailored for onshore or offshore gas storage, agreements involving multiple parties or properties, or agreements with specific provisions for environmental protection or stakeholder involvement.