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.
The Mississippi Gas Storage and Secondary Recovery Unit Agreement, also known as the MGS SRU Agreement, is a legal contract between parties involved in natural gas storage and secondary recovery activities in the state of Mississippi. The agreement outlines the terms, conditions, and responsibilities of each party involved in the operation and maintenance of a gas storage facility with a secondary recovery unit. A gas storage facility is a specialized infrastructure where natural gas can be safely stored for future use. This facility often consists of underground storage reservoirs, wells, and associated equipment. Secondary recovery, also known as enhanced oil recovery (FOR), is a process that utilizes various techniques to extract additional oil or gas from mature or depleted reservoirs. The MGS SRU Agreement typically involves three primary parties: the gas storage facility operator, the secondary recovery unit operator, and the interested gas or oil company. The gas storage facility operator is responsible for managing the storage facilities, including activities such as monitoring the gas levels, maintaining the equipment, and ensuring the safety and integrity of the storage infrastructure. The secondary recovery unit operator is responsible for utilizing advanced techniques and technologies to perform the secondary recovery operations. These operations may include water or gas injection, hydraulic fracturing, or steam injection, depending on the specific characteristics of the reservoir being worked on. The goal of the secondary recovery unit is to maximize the extraction of oil or gas from the reservoir. The interested gas or oil company, often referred to as the customer, enters into the MGS SRU Agreement to utilize the storage facilities and access the secondary recovery services provided by the operators. The customer may be a producer or trader of natural gas or oil who needs storage capacity to manage production fluctuations, market demands, or transportation logistics. It is important to note that there can be different types or variations of the Mississippi Gas Storage and Secondary Recovery Unit Agreement, depending on various factors such as the specific reservoir characteristics, contractual needs of the parties, and anticipated volume of gas storage and secondary recovery activities. These variations may include specific provisions related to pricing, volume commitments, storage capacity allocations, regulatory compliance, and liability responsibilities. In conclusion, the Mississippi Gas Storage and Secondary Recovery Unit Agreement is a contractual arrangement that governs the operations and interactions between parties involved in gas storage and secondary recovery activities in Mississippi. It ensures that the gas storage facility operator, secondary recovery unit operator, and interested gas or oil company work together efficiently and effectively to optimize natural gas storage and recovery efforts.The Mississippi Gas Storage and Secondary Recovery Unit Agreement, also known as the MGS SRU Agreement, is a legal contract between parties involved in natural gas storage and secondary recovery activities in the state of Mississippi. The agreement outlines the terms, conditions, and responsibilities of each party involved in the operation and maintenance of a gas storage facility with a secondary recovery unit. A gas storage facility is a specialized infrastructure where natural gas can be safely stored for future use. This facility often consists of underground storage reservoirs, wells, and associated equipment. Secondary recovery, also known as enhanced oil recovery (FOR), is a process that utilizes various techniques to extract additional oil or gas from mature or depleted reservoirs. The MGS SRU Agreement typically involves three primary parties: the gas storage facility operator, the secondary recovery unit operator, and the interested gas or oil company. The gas storage facility operator is responsible for managing the storage facilities, including activities such as monitoring the gas levels, maintaining the equipment, and ensuring the safety and integrity of the storage infrastructure. The secondary recovery unit operator is responsible for utilizing advanced techniques and technologies to perform the secondary recovery operations. These operations may include water or gas injection, hydraulic fracturing, or steam injection, depending on the specific characteristics of the reservoir being worked on. The goal of the secondary recovery unit is to maximize the extraction of oil or gas from the reservoir. The interested gas or oil company, often referred to as the customer, enters into the MGS SRU Agreement to utilize the storage facilities and access the secondary recovery services provided by the operators. The customer may be a producer or trader of natural gas or oil who needs storage capacity to manage production fluctuations, market demands, or transportation logistics. It is important to note that there can be different types or variations of the Mississippi Gas Storage and Secondary Recovery Unit Agreement, depending on various factors such as the specific reservoir characteristics, contractual needs of the parties, and anticipated volume of gas storage and secondary recovery activities. These variations may include specific provisions related to pricing, volume commitments, storage capacity allocations, regulatory compliance, and liability responsibilities. In conclusion, the Mississippi Gas Storage and Secondary Recovery Unit Agreement is a contractual arrangement that governs the operations and interactions between parties involved in gas storage and secondary recovery activities in Mississippi. It ensures that the gas storage facility operator, secondary recovery unit operator, and interested gas or oil company work together efficiently and effectively to optimize natural gas storage and recovery efforts.
