What is a unitization agreement in oil and gas?

When an oil and gas field is unitized, the various owners of the tracts above the reservoir work together to extract the reservoir's oil and gas. The Unitization Agreement aims to protect the interests of all parties involved while also avoiding some legal pitfalls.

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Illinois
Unit Agreement and Plan of Unitization

Illinois Unit Agreement and Plan of Unitization

Category:

Oil Gas and Minerals - Pooling and Unitization

State:

Multi-State

Control #:

US-OG-738

Format:

Instant download

Description

This Agreement is entered into, between the parties subscribing, ratifying, or consenting to it. The Parties are the owners of working, royalty, or other oil and gas interests in the Unit Area subject to this Agreement.

The Mineral Leasing Act of February 25, 1920, 41 Stat. 437, as amended, 30 U.S.C., Secs. 181 et seq., authorizes Federal lessees and their representatives to unite with each other, or jointly or separately with others, in collectively adopting and operating a cooperative or unit plan of development or operation of all or any part of any oil or gas pool, field, or like area, for the purposes of more properly conserving the natural resources whenever determined and certified by the Secretary of the Interior of the United States, to be necessary or advisable in the public interest.

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FAQ

Unit Agreement means any agreement for the development or operation of all or any portion of the Leased Lands with other lands as a single unit without regard to separate ownership and for the allocation of costs and benefits on a basis as defined in such agreement.

When an oil and gas field is unitized, the various owners of the tracts above the reservoir work together to extract the reservoir's oil and gas. The Unitization Agreement aims to protect the interests of all parties involved while also avoiding some legal pitfalls.

?Unit operating agreement? means an agreement, providing for the management and operation of a unit area and a unitized zone, that is entered into by working interest owners who are parties to a unit agreement with respect to that unit area and unitized zone, and includes a unit operating agreement as varied by a ...