Guam Gas Storage Unit Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1015
• Format: Word; Rich Text

Description

This is an agreement for a gas storage unit. The Guam Gas Storage Unit Agreement refers to a contractual agreement between parties involved in storing natural gas in a storage facility located in Guam. This agreement outlines the terms and conditions under which gas storage services are provided and accessed. The Guam Gas Storage Unit Agreement plays a vital role in ensuring a reliable and efficient gas supply system, allowing businesses and consumers to benefit from a consistent and available gas supply. It establishes the framework for the rights and obligations of the storage operator and customers who utilize the gas storage unit. Key components outlined in the Guam Gas Storage Unit Agreement include: 1. Storage Capacity: The agreement specifies the amount of gas storage capacity available for allocation to customers. This capacity is measured in cubic meters (or other suitable units) and can be divided into specific units to meet varying customer demands. 2. Injection and Withdrawal Rights: The agreement defines the rights of customers to inject (store) natural gas into the storage unit during periods of excess supply and withdraw it during times of high demand. The terms will typically detail the mechanisms for scheduling and prioritizing these activities. 3. Tariffs and Fees: The agreement will outline the charges and fees associated with utilizing the gas storage unit. This may include storage fees based on capacity, injection and withdrawal fees, and any applicable transmission or balancing charges. 4. Operational Considerations: It addresses operational matters such as maintenance, safety requirements, communication protocols, nominations and confirmations, balancing arrangements, and compliance with applicable laws and regulations. 5. Term and Termination: The agreement stipulates the duration of the contract, renewal options, and termination clauses. It will also address the procedures and notice periods required for terminating the agreement. There are different types of Guam Gas Storage Unit Agreements, which may include: 1. Firm Storage Agreement: This type of agreement guarantees customers a fixed amount of storage capacity, ensuring their gas can be stored and withdrawn as required without interruption. 2. Interruptible Storage Agreement: In contrast to the firm storage agreement, this type of agreement allows customers to utilize the gas storage unit on a non-guaranteed basis. The storage operator can interrupt or curtail services during periods of high demand or emergencies. These different types of agreements cater to the various needs and priorities of customers, offering flexibility and options based on their demand patterns, risk tolerance, and budgetary considerations. In summary, the Guam Gas Storage Unit Agreement defines the rights, responsibilities, and financial arrangements between the storage operator and customers, ensuring a reliable and efficient natural gas supply system on the island.

The Guam Gas Storage Unit Agreement refers to a contractual agreement between parties involved in storing natural gas in a storage facility located in Guam. This agreement outlines the terms and conditions under which gas storage services are provided and accessed. The Guam Gas Storage Unit Agreement plays a vital role in ensuring a reliable and efficient gas supply system, allowing businesses and consumers to benefit from a consistent and available gas supply. It establishes the framework for the rights and obligations of the storage operator and customers who utilize the gas storage unit. Key components outlined in the Guam Gas Storage Unit Agreement include: 1. Storage Capacity: The agreement specifies the amount of gas storage capacity available for allocation to customers. This capacity is measured in cubic meters (or other suitable units) and can be divided into specific units to meet varying customer demands. 2. Injection and Withdrawal Rights: The agreement defines the rights of customers to inject (store) natural gas into the storage unit during periods of excess supply and withdraw it during times of high demand. The terms will typically detail the mechanisms for scheduling and prioritizing these activities. 3. Tariffs and Fees: The agreement will outline the charges and fees associated with utilizing the gas storage unit. This may include storage fees based on capacity, injection and withdrawal fees, and any applicable transmission or balancing charges. 4. Operational Considerations: It addresses operational matters such as maintenance, safety requirements, communication protocols, nominations and confirmations, balancing arrangements, and compliance with applicable laws and regulations. 5. Term and Termination: The agreement stipulates the duration of the contract, renewal options, and termination clauses. It will also address the procedures and notice periods required for terminating the agreement. There are different types of Guam Gas Storage Unit Agreements, which may include: 1. Firm Storage Agreement: This type of agreement guarantees customers a fixed amount of storage capacity, ensuring their gas can be stored and withdrawn as required without interruption. 2. Interruptible Storage Agreement: In contrast to the firm storage agreement, this type of agreement allows customers to utilize the gas storage unit on a non-guaranteed basis. The storage operator can interrupt or curtail services during periods of high demand or emergencies. These different types of agreements cater to the various needs and priorities of customers, offering flexibility and options based on their demand patterns, risk tolerance, and budgetary considerations. In summary, the Guam Gas Storage Unit Agreement defines the rights, responsibilities, and financial arrangements between the storage operator and customers, ensuring a reliable and efficient natural gas supply system on the island.