New Jersey Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) is a legal document that amends existing leases or contracts related to extracting oil, gas, and minerals in the state of New Jersey. This amendment specifically focuses on enabling gas storage within the designated leased areas. Gas storage refers to the practice of injecting and storing natural gas or other gases underground in depleted oil or gas reservoirs, salt caverns, or other suitable geological formations. The New Jersey Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) aims to enhance energy infrastructure by allowing the storage of natural gas, thereby facilitating a more efficient and effective supply and distribution system. This is particularly crucial for meeting peak demand periods, ensuring energy security, and stabilizing prices. The different types of New Jersey Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) can include: 1. Depleted Reservoir Amendment: This type of amendment permits the conversion of a depleted oil or gas reservoir into a natural gas storage facility. The reservoir, previously used for extraction activities, is now repurposed exclusively for gas storage. 2. Salt Cavern Amendment: Salt caverns are another geological formation commonly used for gas storage. This amendment would enable the utilization of salt caverns within the leased areas for storing natural gas. 3. Geological Formation Amendment: In certain cases, gas storage may be feasible in other geological formations besides depleted reservoirs or salt caverns. This type of amendment would allow for storage in such formations, provided they meet the necessary safety and regulatory requirements. The New Jersey Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage) plays a vital role in maximizing the use of existing lease areas while supporting the state's energy demands. It ensures the efficient storage and utilization of natural gas resources, reducing dependence on external sources during high-demand periods and promoting energy independence.
New Jersey Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage)
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FAQ
Habendum Clause: Once the Primary Term expires, the habendum clause controls when the lease expires or how long it remains in effect (this lease term after the Primary Term is called the ?secondary term?).
Royalty Payment Clauses A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the lessee's production costs. This is stipulated in a Royalty Clause. The royalty is paid by the lessee to the owner of the mineral rights, the lessor in the lease.
By way of background, a ?free use? clause is a provision in an oil/gas lease which gives the lessee the right to use gas produced from the leasehold.
A clause in an oil & gas lease that keeps the lease in effect after a dry hole is drilled. The lessee must start drilling a new well within a specified time.
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.
A stipulation of interest is a contract that consists of mutual conveyances, and therefore, it must conform to the requirements of both a contract and conveyance. Consequently, title to the property interest will be owned as set out in the stipulation, that is if it contains adequate granting language.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
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.