The North Dakota Area of Mutual Interest Agreement (ND AMI Agreement) is a legal document signed between parties to establish a collaborative understanding and framework for exploration and development activities in designated areas of North Dakota. This agreement promotes cooperation, minimizes conflicts, and maximizes efficiency among oil and gas operators, thereby benefiting both the industry and the state. Keyword: North Dakota Area of Mutual Interest Agreement The North Dakota AMI Agreement aims to facilitate responsible resource development and ensure efficient land use allocation. This agreement provides a platform for multiple operators to make consensus-based decisions regarding the exploration, leasing, development, and production of oil and gas resources within a specified region. By engaging in the ND AMI Agreement, operators can avoid duplicate leasing efforts, reduce surface disturbances, and increase operational efficiency. Keywords: responsible resource development, land use allocation, consensus-based decisions, exploration, leasing, development, production, oil and gas resources, specified region, duplicate leasing efforts, surface disturbances, operational efficiency. There are different types of North Dakota Area of Mutual Interest Agreements, which may include: 1. Industry-Wide ND AMI Agreement: This type of agreement involves various oil and gas operators within the state of North Dakota. It aims to foster cooperation and coordination among all participating operators, promoting unity and efficiency in resource development. Keywords: industry-wide agreement, oil and gas operators, cooperation, coordination, unity, resource development. 2. Operator-Specific ND AMI Agreement: In this arrangement, a specific oil and gas operator enters into an agreement with its neighboring operators or stakeholders within a specific area. The participating parties outline the terms and conditions for collaboration and mutual respect in exploring and developing the shared resources. Keywords: operator-specific agreement, oil and gas operator, neighboring operators, stakeholders, collaboration, mutual respect, shared resources. 3. Government-Operator ND AMI Agreement: This type of agreement involves collaboration between a government entity, such as the North Dakota state government, and oil and gas operators. The agreement establishes a framework for regulatory compliance, responsible drilling practices, resource allocation, and other aspects necessary for successful operations in North Dakota. Keywords: government-operator agreement, regulatory compliance, responsible drilling practices, resource allocation, successful operations, North Dakota government, oil and gas operators. Overall, the North Dakota Area of Mutual Interest Agreement serves as a crucial tool in enhancing the collaboration, efficiency, and responsible development of oil and gas resources in North Dakota. Through the implementation of different types of AMI agreements, operators can work together to achieve common goals while avoiding unnecessary duplication and potential conflicts. Keywords: collaboration, efficiency, responsible development, oil and gas resources, common goals, duplication, potential conflicts.
North Dakota Area of Mutual Interest Agreement
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Area of Mutual Interest (AMI): a geographic area generally defined by a contract (e.g., Farmout, JOA, JDA or similar agreement) within which two or more persons hold an interest. The Book of Jargon®: Oil & Gas - Latham & Watkins LLP lw.com ? admin ? Upload ? Documents ? Oi... lw.com ? admin ? Upload ? Documents ? Oi...
An area of mutual interest (AMI) contract describes the geographic area contained in the AMI, the rights of each party (such as the percentage interest allocated to each company), the agreement's term, and how contract provisions are to be implemented. Area Of Mutual Interest (AMI): What It is, How It Works - Investopedia investopedia.com ? terms ? area-of-mutual-i... investopedia.com ? terms ? area-of-mutual-i...
Hear this out loud Pause1. n. [Oil and Gas Business] The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.