Maine Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1016
• Format: Word; Rich Text

Description

This is an agreement to establish a gas storage unit on depleted producing property. Maine Gas Storage Unit Agreement, also known as the Maine GSA, is a legal contract that establishes a gas storage unit on a depleted producing property in the state of Maine. This agreement allows for the storage and withdrawal of natural gas in underground reservoirs, typically depleted oil or natural gas fields. Here are some relevant keywords and types of Maine Gas Storage Unit Agreements: 1. Depleted Producing Property: This refers to an oil or natural gas field that has been previously exploited and is no longer capable of producing significant quantities of oil or gas. These properties are repurposed for gas storage operations. 2. Gas Storage Unit: The agreement establishes a designated area within the depleted producing property where gas can be stored. This unit includes the necessary infrastructure, such as wells, pipelines, and storage tanks. 3. Natural Gas Storage: The purpose of the agreement is to enable the storage of natural gas in the designated unit. This allows for balancing supply and demand, ensuring an uninterrupted flow of gas to meet market needs. 4. Reservoir Management: The agreement outlines the responsibilities and obligations of both the storage operator and the property owner regarding the management, maintenance, and optimal utilization of the gas reservoir. It covers aspects such as reservoir capacity, injection and withdrawal rates, and storage cycling. 5. Storage Operations: The agreement provides a framework for the operational aspects of gas storage, including scheduling of injections and withdrawals, measurement and accounting procedures, and safety protocols. It may also address issues related to storage capacity expansion and gas quality specifications. 6. Royalty and Payment Structure: Typically, the agreement defines the royalty payment structure, where the property owner receives compensation based on the volume of gas stored and withdrawn. The terms and conditions for determining the royalty rates and payment procedures are included. 7. Environmental and Regulatory Compliance: The Maine GSA includes provisions to ensure compliance with relevant environmental and regulatory requirements associated with gas storage operations. This covers areas like reporting, monitoring, remediation, and adherence to safety standards. 8. Renewal and Termination: The agreement may include provisions for its renewal or termination after a certain period. It outlines the conditions under which either party can terminate the agreement before its expiration and any associated penalties or obligations. Overall, the Maine Gas Storage Unit Agreement is a crucial legal framework that governs the establishment and operation of gas storage units on depleted producing properties in Maine. It aims to facilitate efficient and safe gas storage operations while protecting the interests of both the storage operator and the property owner.

Maine Gas Storage Unit Agreement, also known as the Maine GSA, is a legal contract that establishes a gas storage unit on a depleted producing property in the state of Maine. This agreement allows for the storage and withdrawal of natural gas in underground reservoirs, typically depleted oil or natural gas fields. Here are some relevant keywords and types of Maine Gas Storage Unit Agreements: 1. Depleted Producing Property: This refers to an oil or natural gas field that has been previously exploited and is no longer capable of producing significant quantities of oil or gas. These properties are repurposed for gas storage operations. 2. Gas Storage Unit: The agreement establishes a designated area within the depleted producing property where gas can be stored. This unit includes the necessary infrastructure, such as wells, pipelines, and storage tanks. 3. Natural Gas Storage: The purpose of the agreement is to enable the storage of natural gas in the designated unit. This allows for balancing supply and demand, ensuring an uninterrupted flow of gas to meet market needs. 4. Reservoir Management: The agreement outlines the responsibilities and obligations of both the storage operator and the property owner regarding the management, maintenance, and optimal utilization of the gas reservoir. It covers aspects such as reservoir capacity, injection and withdrawal rates, and storage cycling. 5. Storage Operations: The agreement provides a framework for the operational aspects of gas storage, including scheduling of injections and withdrawals, measurement and accounting procedures, and safety protocols. It may also address issues related to storage capacity expansion and gas quality specifications. 6. Royalty and Payment Structure: Typically, the agreement defines the royalty payment structure, where the property owner receives compensation based on the volume of gas stored and withdrawn. The terms and conditions for determining the royalty rates and payment procedures are included. 7. Environmental and Regulatory Compliance: The Maine GSA includes provisions to ensure compliance with relevant environmental and regulatory requirements associated with gas storage operations. This covers areas like reporting, monitoring, remediation, and adherence to safety standards. 8. Renewal and Termination: The agreement may include provisions for its renewal or termination after a certain period. It outlines the conditions under which either party can terminate the agreement before its expiration and any associated penalties or obligations. Overall, the Maine Gas Storage Unit Agreement is a crucial legal framework that governs the establishment and operation of gas storage units on depleted producing properties in Maine. It aims to facilitate efficient and safe gas storage operations while protecting the interests of both the storage operator and the property owner.