The New Mexico Gas Storage Agreement and Lease (Surface and Underground) is a legally binding contract that governs the rights and responsibilities between parties involved in the exploration, extraction, transportation, storage, and leasing of natural gas resources in the state of New Mexico. This agreement outlines the terms and conditions under which gas storage operations can take place on both surface and underground properties. Underground gas storage is a commonly used method in the gas industry, wherein natural gas is stored in depleted reservoirs, salt caverns, or aquifers deep underground. This storage method offers numerous advantages, such as increased energy security, flexibility in supply management, and stabilization of prices during peak demand periods. Surface gas storage, on the other hand, refers to the storage of natural gas in above-ground facilities, such as tanks or pressurized vessels. Surface storage facilities provide a more accessible and visible form of gas storage, allowing for easier monitoring, maintenance, and control. This type of storage is particularly beneficial in areas where underground storage may not be feasible due to geological limitations. There can be different types of New Mexico Gas Storage Agreement and Lease (Surface and Underground) based on various factors. These may include: 1. Depletion Lease Agreement: This type of agreement is specifically designed for the use of depleted oil or gas reservoirs for gas storage purposes. It outlines the terms of the lease and the rights and responsibilities of both the lessor (property owner) and the lessee (gas storage operator). 2. Salt Cavern Storage Lease Agreement: Salt caverns are a popular choice for storing natural gas due to their impermeable nature and the ability to maintain stable pressure conditions. The lease agreement for salt cavern storage covers the terms and conditions pertaining to using these unique geological formations for gas storage. 3. Aquifer Storage Lease Agreement: In certain cases, aquifers, which are underground water-bearing layers of rock, can be repurposed for gas storage. This type of lease agreement details the terms and obligations involved in utilizing aquifers for gas storage while ensuring environmental protection and resource sustainability. 4. Surface Gas Storage Facility Lease Agreement: When natural gas storage is conducted above ground, this lease agreement governs the terms and conditions between the property owner and the gas storage operator. It outlines the rights, obligations, and operational requirements related to utilizing surface facilities for gas storage. In conclusion, the New Mexico Gas Storage Agreement and Lease (Surface and Underground) is a comprehensive contractual document that regulates the exploration, extraction, transportation, storage, and leasing of natural gas resources in New Mexico. The agreement encompasses various types of leases and agreements depending on the specific storage method employed, such as depletion, salt cavern, aquifer, or surface gas storage. It is a vital tool for establishing clear rights and responsibilities, ensuring environmental protection, and promoting efficient gas storage operations in the state.
New Mexico Gas Storage Agreement and Lease (Surface and Underground)
Category:
State:
Multi-State
Control #:
US-OG-1012
Format:
Word;
Rich Text
Instant download
Description
This is an agreement and lease for surface and underground gas storage.
The New Mexico Gas Storage Agreement and Lease (Surface and Underground) is a legally binding contract that governs the rights and responsibilities between parties involved in the exploration, extraction, transportation, storage, and leasing of natural gas resources in the state of New Mexico. This agreement outlines the terms and conditions under which gas storage operations can take place on both surface and underground properties. Underground gas storage is a commonly used method in the gas industry, wherein natural gas is stored in depleted reservoirs, salt caverns, or aquifers deep underground. This storage method offers numerous advantages, such as increased energy security, flexibility in supply management, and stabilization of prices during peak demand periods. Surface gas storage, on the other hand, refers to the storage of natural gas in above-ground facilities, such as tanks or pressurized vessels. Surface storage facilities provide a more accessible and visible form of gas storage, allowing for easier monitoring, maintenance, and control. This type of storage is particularly beneficial in areas where underground storage may not be feasible due to geological limitations. There can be different types of New Mexico Gas Storage Agreement and Lease (Surface and Underground) based on various factors. These may include: 1. Depletion Lease Agreement: This type of agreement is specifically designed for the use of depleted oil or gas reservoirs for gas storage purposes. It outlines the terms of the lease and the rights and responsibilities of both the lessor (property owner) and the lessee (gas storage operator). 2. Salt Cavern Storage Lease Agreement: Salt caverns are a popular choice for storing natural gas due to their impermeable nature and the ability to maintain stable pressure conditions. The lease agreement for salt cavern storage covers the terms and conditions pertaining to using these unique geological formations for gas storage. 3. Aquifer Storage Lease Agreement: In certain cases, aquifers, which are underground water-bearing layers of rock, can be repurposed for gas storage. This type of lease agreement details the terms and obligations involved in utilizing aquifers for gas storage while ensuring environmental protection and resource sustainability. 4. Surface Gas Storage Facility Lease Agreement: When natural gas storage is conducted above ground, this lease agreement governs the terms and conditions between the property owner and the gas storage operator. It outlines the rights, obligations, and operational requirements related to utilizing surface facilities for gas storage. In conclusion, the New Mexico Gas Storage Agreement and Lease (Surface and Underground) is a comprehensive contractual document that regulates the exploration, extraction, transportation, storage, and leasing of natural gas resources in New Mexico. The agreement encompasses various types of leases and agreements depending on the specific storage method employed, such as depletion, salt cavern, aquifer, or surface gas storage. It is a vital tool for establishing clear rights and responsibilities, ensuring environmental protection, and promoting efficient gas storage operations in the state.
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