Guam Reservation of Production Payment

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-481
• Format: Word; Rich Text

Description

This form is used for the assignor to except from the assignment and reserve out of the interests assigned to assignee a production payment. Guam Reservation of Production Payment is a financial arrangement that pertains to certain types of leases and contracts involving the production or extraction of resources on Guam, a U.S. territory located in the Western Pacific Ocean. This payment is designed to secure the government's share of revenue derived from the exploitation of natural resources on the island. Under the Guam Organic Act of 1950, the government has the authority to place a reservation on any contract, agreement, lease, or permit involving the production or extraction of minerals, gas, oil, or other resources on Guam. This reservation ensures that a specified percentage of the production value or payment is withheld and directed to the government. There are different types of Guam Reservation of Production Payment, which are categorized based on the specific resources being extracted or produced: 1. Oil and Gas Production Payment: This type of reservation applies to contracts or leases related to the extraction of oil and gas resources on Guam. It ensures that the government receives its fair share of revenue generated from oil and gas production activities. 2. Mineral Production Payment: This reservation type is relevant for contracts involving the extraction of minerals such as gold, silver, copper, limestone, or other mineral resources found on the island. It mandates that a specific portion of the production value is reserved for the government. 3. Resource Production Payment: This category encompasses a broader range of resources, including renewable energy sources, forestry, fisheries, and any other extractive activities not covered under the oil, gas, or mineral categories. It ensures that the government receives its appropriate share of revenue from these diverse production activities. The Guam Reservation of Production Payment plays a crucial role in safeguarding the interests of both the government and the indigenous population by ensuring that the exploitation of Guam's natural resources contributes to the sustainable economic development and prosperity of the island. It helps regulate the revenue distribution, facilitates environmental stewardship, and ensures the fair and responsible utilization of Guam's resource wealth.

Guam Reservation of Production Payment is a financial arrangement that pertains to certain types of leases and contracts involving the production or extraction of resources on Guam, a U.S. territory located in the Western Pacific Ocean. This payment is designed to secure the government's share of revenue derived from the exploitation of natural resources on the island. Under the Guam Organic Act of 1950, the government has the authority to place a reservation on any contract, agreement, lease, or permit involving the production or extraction of minerals, gas, oil, or other resources on Guam. This reservation ensures that a specified percentage of the production value or payment is withheld and directed to the government. There are different types of Guam Reservation of Production Payment, which are categorized based on the specific resources being extracted or produced: 1. Oil and Gas Production Payment: This type of reservation applies to contracts or leases related to the extraction of oil and gas resources on Guam. It ensures that the government receives its fair share of revenue generated from oil and gas production activities. 2. Mineral Production Payment: This reservation type is relevant for contracts involving the extraction of minerals such as gold, silver, copper, limestone, or other mineral resources found on the island. It mandates that a specific portion of the production value is reserved for the government. 3. Resource Production Payment: This category encompasses a broader range of resources, including renewable energy sources, forestry, fisheries, and any other extractive activities not covered under the oil, gas, or mineral categories. It ensures that the government receives its appropriate share of revenue from these diverse production activities. The Guam Reservation of Production Payment plays a crucial role in safeguarding the interests of both the government and the indigenous population by ensuring that the exploitation of Guam's natural resources contributes to the sustainable economic development and prosperity of the island. It helps regulate the revenue distribution, facilitates environmental stewardship, and ensures the fair and responsible utilization of Guam's resource wealth.