This form is used for the purposes of more effectively developing, producing, and operating the Unit Area in order to prevent surface and underground waste, and obtain the greatest ultimate recovery of production of oil and gas, promote conservation, and to afford each of the Parties the right to recover their fair and equitable share of the production to be obtained from the Unit Area, or to receive the attributable proceeds of such production.
The Guam Gas Storage and Secondary Recovery Unit Agreement is a contractual agreement between parties involved in the energy industry to facilitate the storage and secondary recovery of natural gas in the region of Guam. This agreement aims to establish the terms and conditions under which gas storage and secondary recovery operations will be conducted, ensuring efficient utilization of natural gas resources and providing a reliable energy supply to the island of Guam. It serves as a legal framework to govern the rights, responsibilities, and obligations of all parties involved in the gas storage and secondary recovery operations. The Guam Gas Storage and Secondary Recovery Unit Agreement may refer to different types based on specific operational characteristics and project requirements. Some common types include: 1. Underground Gas Storage Agreement: This agreement covers the establishment and operation of underground natural gas storage facilities. It outlines the terms for injection, storage, and withdrawal of natural gas from designated storage reservoirs. Such storage units are crucial for maintaining a stable supply of natural gas to meet peak demand, seasonal fluctuations, or emergency situations. 2. Secondary Recovery Unit Agreement: This agreement focuses on the secondary recovery of natural gas, primarily through enhanced oil recovery (FOR) techniques. It involves the re-injection of gases like carbon dioxide (CO2) or nitrogen (N2) into depleted oil or gas reservoirs to enhance the recovery of hydrocarbons that would otherwise be difficult to extract. The agreement outlines the responsibilities for gas injection, monitoring, and process optimization to maximize recovery efficiency. 3. Combined Gas Storage and Secondary Recovery Unit Agreement: This comprehensive agreement encompasses both gas storage and secondary recovery operations. It enables operators to utilize underground reservoirs for both the storage of excess natural gas during surplus production periods and the re-injection of gases for enhanced oil or gas recovery. The Guam Gas Storage and Secondary Recovery Unit Agreement play a vital role in optimizing the utilization of available natural gas reserves, enhancing energy security, and supporting economic development in the region. It ensures a sustainable and reliable energy supply by balancing production and demand fluctuations and maximizing the recovery of valuable hydrocarbons from declining reservoirs.The Guam Gas Storage and Secondary Recovery Unit Agreement is a contractual agreement between parties involved in the energy industry to facilitate the storage and secondary recovery of natural gas in the region of Guam. This agreement aims to establish the terms and conditions under which gas storage and secondary recovery operations will be conducted, ensuring efficient utilization of natural gas resources and providing a reliable energy supply to the island of Guam. It serves as a legal framework to govern the rights, responsibilities, and obligations of all parties involved in the gas storage and secondary recovery operations. The Guam Gas Storage and Secondary Recovery Unit Agreement may refer to different types based on specific operational characteristics and project requirements. Some common types include: 1. Underground Gas Storage Agreement: This agreement covers the establishment and operation of underground natural gas storage facilities. It outlines the terms for injection, storage, and withdrawal of natural gas from designated storage reservoirs. Such storage units are crucial for maintaining a stable supply of natural gas to meet peak demand, seasonal fluctuations, or emergency situations. 2. Secondary Recovery Unit Agreement: This agreement focuses on the secondary recovery of natural gas, primarily through enhanced oil recovery (FOR) techniques. It involves the re-injection of gases like carbon dioxide (CO2) or nitrogen (N2) into depleted oil or gas reservoirs to enhance the recovery of hydrocarbons that would otherwise be difficult to extract. The agreement outlines the responsibilities for gas injection, monitoring, and process optimization to maximize recovery efficiency. 3. Combined Gas Storage and Secondary Recovery Unit Agreement: This comprehensive agreement encompasses both gas storage and secondary recovery operations. It enables operators to utilize underground reservoirs for both the storage of excess natural gas during surplus production periods and the re-injection of gases for enhanced oil or gas recovery. The Guam Gas Storage and Secondary Recovery Unit Agreement play a vital role in optimizing the utilization of available natural gas reserves, enhancing energy security, and supporting economic development in the region. It ensures a sustainable and reliable energy supply by balancing production and demand fluctuations and maximizing the recovery of valuable hydrocarbons from declining reservoirs.
