The Maryland Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) refers to a modification in the existing laws and regulations pertaining to leasing agreements for oil, gas, and mineral rights in the state of Maryland. This amendment specifically addresses the inclusion of provisions related to gas storage within these lease agreements. Gas storage is the process of storing natural gas in underground reservoirs or facilities for future use or to maintain a stable supply during peak demand periods. The Maryland Amendment recognizes the importance of gas storage and aims to provide guidelines and regulation framework to ensure its efficient and responsible implementation. This amendment acknowledges the significance of diversifying energy sources and promoting the reliability of gas supply. By allowing and encouraging gas storage within oil, gas, and mineral lease agreements, Maryland aims to attract investments and foster the development and utilization of underground gas storage facilities. Several types of gas storage may be addressed in the Maryland Amendment. These may include: 1. Depleted Reservoir Storage: This type of storage involves utilizing depleted oil or gas fields for gas storage purposes once the primary oil or gas extraction operations have concluded. These reservoirs often have suitable characteristics for gas storage due to their geological structure. 2. Salt Cavern Storage: Salt caverns are created by injecting water into underground salt formations to dissolve the salt and create caverns suitable for gas storage. These caverns offer high storage capacities and quick injection and withdrawal rates, making them a valuable option for gas storage. 3. Aquifer Storage: This method involves injecting natural gas into underground aquifers, which are porous geological formations capable of holding large quantities of gas. Aquifer storage is ideal when suitable geological formations exist near gas-producing regions. The Maryland Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) emphasizes the necessity of conducting thorough feasibility studies, environmental assessments, and potential risk analyses to ensure safe and responsible gas storage operations. This amendment also outlines processes for obtaining necessary permits, approvals, and compliance with local, state, and federal regulations. Overall, the Maryland Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) aims to promote the growth of gas storage infrastructure in the state. By encouraging the utilization of various types of gas storage facilities, Maryland envisions enhancing energy reliability, supporting economic development, and fostering a sustainable and diverse energy portfolio.
Maryland Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage)
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FAQ
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
Granting Clause: This clause specifies: (a) the land that is being leased; (b) which minerals are being leased (oil, gas, uranium, etc.); and (c) and what rights the production company has to use the surface land in an effort to produce the leased minerals.
A ?special warranty? is a covenant made by the lessor to defend the lessee against encumbrances or clouds on the oil and gas title created by the lessor during his ownership of the estate. The protection offered by this warranty is therefore limited to those title defects caused or created by the lessor himself.
Royalty Clause There are two types of royalties, a net and a gross royalty. Normally, the oil and gas lease contains a net royalty. If the lease provides for a net royalty, this means that post-production deductions will be taken from the royalty.
An ?unless? clause provides that the lease terminates unless the lessee has either made the required payments or commenced drilling operations. Lessees can therefore be terminated from the lease by failure to pay the proper amount, by the due date, in the proper form, to the proper party.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.