Louisiana Over-Production and Under-Production of Gas

State:
Multi-State
Control #:
US-OG-502
Format:
Word; 
Rich Text
Instant download

Description

This is a form dealing with the Over-Production and Under-Production of Gas, the event Assignor's gas production, if any, from the Assigned Property is in excess of or less than Assignor's interest in the Property, then Assignee shall acquire Assignor's interest subject to that over-production or under-production.

How to fill out Over-Production And Under-Production Of Gas?

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FAQ

The abundance of Louisiana's natural resources has historically meant low energy prices, which have attracted a large cluster of energy intensive industries to the state.

Oil spills, discharges of produced saltwater (a by-product of oil) into waterways, and leaks from open oilfield waste pits have led to contaminated soils, sediments, and surface and ground water supplies. It has also led to degraded wetlands.

Annual Energy Production Coal: 4,000 MSTN (<1% total U.S.) Natural Gas: 2,960 Bcf (12% total U.S.) Crude Oil: 70,700 Mbarrels (3% total U.S.) Ethanol: 0 Mbarrels (0% total U.S.)

In Louisiana, 555,300 jobs were supported by international trade in 2019, representing 20.2% of all jobs in the state. In 2020, 3,479 companies exported goods from Louisiana of which 84% were small- and medium-sized enterprises. In 2018, 76,100 people were employed by affiliates of companies at least 50% foreign-owned.

Oil and gas operations support approximately one out of every nine of the state's jobs, many of which provide annual wages which are significantly above the state average.

It provided high-paying jobs and improved the standard of living for thousands. But on the other hand, the industry produced unintended and long-lasting environmental impacts. These environmental tradeoffs are an important aspect to the history of oil and gas development in the state.

The affordability and accessibility of oil and gas here at home is infusing hundreds of billions of dollars into new American manufacturing, supporting the development of new jobs, infrastructure, and economic opportunity in communities throughout the country.

The oil and gas industry in Louisiana is a major economic and industrial force. The petroleum industry account for almost 25% of the total state revenues, or about $1.2 billion dollars. The petroleum industry employs more than 116,000 people which is about 6% of the states total work force.

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Louisiana Over-Production and Under-Production of Gas