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.
Kentucky Gas Storage and Secondary Recovery Unit Agreement refers to a contractual agreement entered into by an entity or individual with Kentucky gas storage facilities to utilize their storage and secondary recovery services. This agreement outlines the terms and conditions governing the use of these services, providing a mutual understanding between the gas storage provider and the customer. The primary purpose of this agreement is to establish a framework for the utilization, management, and maintenance of gas storage and secondary recovery units located within the state of Kentucky. By signing this agreement, the customer gains access to professional gas storage services, ensuring the availability and secure storage of their natural gas resources. Key terms and provisions mentioned in the Kentucky Gas Storage and Secondary Recovery Unit Agreement may include: 1. Storage capacity: Specifies the amount of natural gas storage capacity allocated to the customer, either in volume or physical measurements. 2. Utilization period: Defines the duration during which the customer is entitled to utilize the storage and secondary recovery units. It may be a fixed term or extend until completion of gas extraction. 3. Injection and withdrawal rates: Determines the quantities of natural gas that can be injected into or withdrawn from the Kentucky gas storage facilities within defined time intervals. 4. Tariffs and fees: Specifies the costs associated with storage services, including injection, withdrawal, maintenance, and any other applicable charges. Tariffs are typically based on storage capacity and utilization. 5. Operating procedures: Outlines operational guidelines, safety protocols, and maintenance standards that must be followed by the customer to ensure smooth and efficient gas storage and recovery operations. 6. Force Mature: Defines events or circumstances considered beyond the control of either party, which may temporarily suspend or terminate the obligations under the agreement, such as acts of nature, government actions, or labor disputes. Different types of Kentucky Gas Storage and Secondary Recovery Unit Agreements may exist based on the specific storage facilities, technology, or services offered. These could include: 1. Underground gas storage agreement: Focused on utilizing underground storage caverns or depleted reservoirs to store and extract natural gas. 2. Enhanced oil recovery agreement: A unique secondary recovery unit agreement where customers utilize gas injection methods to enhance the recovery of oil from mature oilfields. 3. Compressed natural gas (CNG) storage agreement: Pertains to the storage and retrieval of natural gas compressed into containers for various applications such as transportation or backup energy supply. In conclusion, the Kentucky Gas Storage and Secondary Recovery Unit Agreement is a legally binding contract that establishes a partnership between gas storage providers and customers, ensuring the efficient and secure storage and recovery of natural gas resources. Different types of agreements may exist, tailored to specific storage facilities and services provided.Kentucky Gas Storage and Secondary Recovery Unit Agreement refers to a contractual agreement entered into by an entity or individual with Kentucky gas storage facilities to utilize their storage and secondary recovery services. This agreement outlines the terms and conditions governing the use of these services, providing a mutual understanding between the gas storage provider and the customer. The primary purpose of this agreement is to establish a framework for the utilization, management, and maintenance of gas storage and secondary recovery units located within the state of Kentucky. By signing this agreement, the customer gains access to professional gas storage services, ensuring the availability and secure storage of their natural gas resources. Key terms and provisions mentioned in the Kentucky Gas Storage and Secondary Recovery Unit Agreement may include: 1. Storage capacity: Specifies the amount of natural gas storage capacity allocated to the customer, either in volume or physical measurements. 2. Utilization period: Defines the duration during which the customer is entitled to utilize the storage and secondary recovery units. It may be a fixed term or extend until completion of gas extraction. 3. Injection and withdrawal rates: Determines the quantities of natural gas that can be injected into or withdrawn from the Kentucky gas storage facilities within defined time intervals. 4. Tariffs and fees: Specifies the costs associated with storage services, including injection, withdrawal, maintenance, and any other applicable charges. Tariffs are typically based on storage capacity and utilization. 5. Operating procedures: Outlines operational guidelines, safety protocols, and maintenance standards that must be followed by the customer to ensure smooth and efficient gas storage and recovery operations. 6. Force Mature: Defines events or circumstances considered beyond the control of either party, which may temporarily suspend or terminate the obligations under the agreement, such as acts of nature, government actions, or labor disputes. Different types of Kentucky Gas Storage and Secondary Recovery Unit Agreements may exist based on the specific storage facilities, technology, or services offered. These could include: 1. Underground gas storage agreement: Focused on utilizing underground storage caverns or depleted reservoirs to store and extract natural gas. 2. Enhanced oil recovery agreement: A unique secondary recovery unit agreement where customers utilize gas injection methods to enhance the recovery of oil from mature oilfields. 3. Compressed natural gas (CNG) storage agreement: Pertains to the storage and retrieval of natural gas compressed into containers for various applications such as transportation or backup energy supply. In conclusion, the Kentucky Gas Storage and Secondary Recovery Unit Agreement is a legally binding contract that establishes a partnership between gas storage providers and customers, ensuring the efficient and secure storage and recovery of natural gas resources. Different types of agreements may exist, tailored to specific storage facilities and services provided.
