The Louisiana Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal arrangement that governs the operations and usage of a gas storage unit located on a depleted producing property in Louisiana. This agreement is designed to facilitate the safe and efficient storage of natural gas resources, ensuring their availability during peak demand periods or unforeseen disruptions in supply. The agreement outlines the rights, responsibilities, and obligations of the parties involved, including the gas storage operator and the owners of the depleted producing property. It covers various aspects such as storage capacity, injection and withdrawal rates, pricing terms, allocation of storage space, and insurance requirements. There are different types of Louisiana Gas Storage Unit Agreements, which can vary based on several factors: 1. Depleted Reservoir Storage Agreement: This type of agreement involves the utilization of a depleted producing property, typically an oil or gas reservoir that has reached the end of its productive life, for natural gas storage purposes. The agreement establishes how the depleted reservoir will be repurposed for storage, including the necessary modifications and operational procedures. 2. Salt Cavern Storage Agreement: Louisiana is known for its vast salt formations, which can be converted into underground storage caverns for natural gas. The agreement for a salt cavern storage unit outlines the terms and conditions specific to this storage method, including the construction and maintenance of the cavern, as well as the injection and withdrawal procedures. 3. Aquifer Storage Agreement: In certain cases, non-potable aquifers can be converted into natural gas storage facilities. An aquifer storage agreement defines the rights and responsibilities related to the usage of the aquifer, including the management of pressure levels, environmental considerations, and any necessary permits or regulatory requirements. 4. Pipeline Storage Agreement: This type of agreement pertains to the storage of natural gas within dedicated segments of a pipeline system. It outlines how the storage capacity will be allocated within the pipeline, allowing for injections, withdrawals, and storage capacity reservations by different parties. Regardless of the specific type of Louisiana Gas Storage Unit Agreement, all agreements aim to provide a legal framework for the management and operation of gas storage facilities, helping to ensure the stability and reliability of natural gas supply in the region.
Louisiana Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)
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