New Mexico Underground Storage Lease and Agreement (Surface and Minerals)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-1181
• Format: Word; Rich Text

Description

This form is an underground storage lease and agreement for surface and minerals. New Mexico Underground Storage Lease and Agreement (Surface and Minerals) is a legally binding contract that governs the rights and responsibilities related to the utilization and management of underground storage resources in the state of New Mexico. This agreement typically involves two parties, a lessor (owner) and a lessee (tenant) and covers both the surface and mineral rights associated with the underground storage spaces. The New Mexico Underground Storage Lease and Agreement (Surface and Minerals) allows the lessee to lease and utilize underground storage spaces for various purposes, such as storing natural gas, crude oil, refined petroleum products, or other valuable commodities. This agreement ensures a structured approach to the exploration, development, and utilization of underground storage resources while safeguarding the rights and interests of both the lessor and lessee. There are several types of New Mexico Underground Storage Lease and Agreement (Surface and Minerals), each catering to specific storage needs and types of resources. Some notable types include: 1. Natural Gas Storage Lease: This agreement specifically focuses on the storage of natural gas, providing a comprehensive framework for its extraction, storage, and related activities. It outlines the terms of access, gas withdrawal, injection methods, operating procedures, and responsibilities of both parties involved in the lease. 2. Petroleum Storage Lease: This type of agreement is specifically designed for the storage of petroleum products such as crude oil, gasoline, diesel, or jet fuel. It lays out the terms for the storage, handling, and transportation of these products, including environmental compliance, safety regulations, and compensation arrangements. 3. Geologic Storage Lease: Geologic storage agreements primarily pertain to the storage of carbon dioxide (CO2) in underground formations, commonly used in carbon capture and storage (CCS) projects. This lease covers the rights and obligations related to CO2 injection, monitoring, reporting, and mitigation techniques to ensure safe storage and potential environmental benefits. 4. Strategic Underground Storage Lease: This agreement focuses on the storage of critical resources used for national security or emergency purposes, such as strategic petroleum reserves or other essential commodities. It outlines the conditions under which the storage is to be accessed, utilized, and how it can be mobilized during emergencies. In summary, the New Mexico Underground Storage Lease and Agreement (Surface and Minerals) allows for the organized, regulated, and mutually beneficial utilization of underground storage resources. It covers a range of storage types, including natural gas, petroleum, CO2, and strategic commodities, ensuring compliance with safety, environmental, and legal requirements.

New Mexico Underground Storage Lease and Agreement (Surface and Minerals) is a legally binding contract that governs the rights and responsibilities related to the utilization and management of underground storage resources in the state of New Mexico. This agreement typically involves two parties, a lessor (owner) and a lessee (tenant) and covers both the surface and mineral rights associated with the underground storage spaces. The New Mexico Underground Storage Lease and Agreement (Surface and Minerals) allows the lessee to lease and utilize underground storage spaces for various purposes, such as storing natural gas, crude oil, refined petroleum products, or other valuable commodities. This agreement ensures a structured approach to the exploration, development, and utilization of underground storage resources while safeguarding the rights and interests of both the lessor and lessee. There are several types of New Mexico Underground Storage Lease and Agreement (Surface and Minerals), each catering to specific storage needs and types of resources. Some notable types include: 1. Natural Gas Storage Lease: This agreement specifically focuses on the storage of natural gas, providing a comprehensive framework for its extraction, storage, and related activities. It outlines the terms of access, gas withdrawal, injection methods, operating procedures, and responsibilities of both parties involved in the lease. 2. Petroleum Storage Lease: This type of agreement is specifically designed for the storage of petroleum products such as crude oil, gasoline, diesel, or jet fuel. It lays out the terms for the storage, handling, and transportation of these products, including environmental compliance, safety regulations, and compensation arrangements. 3. Geologic Storage Lease: Geologic storage agreements primarily pertain to the storage of carbon dioxide (CO2) in underground formations, commonly used in carbon capture and storage (CCS) projects. This lease covers the rights and obligations related to CO2 injection, monitoring, reporting, and mitigation techniques to ensure safe storage and potential environmental benefits. 4. Strategic Underground Storage Lease: This agreement focuses on the storage of critical resources used for national security or emergency purposes, such as strategic petroleum reserves or other essential commodities. It outlines the conditions under which the storage is to be accessed, utilized, and how it can be mobilized during emergencies. In summary, the New Mexico Underground Storage Lease and Agreement (Surface and Minerals) allows for the organized, regulated, and mutually beneficial utilization of underground storage resources. It covers a range of storage types, including natural gas, petroleum, CO2, and strategic commodities, ensuring compliance with safety, environmental, and legal requirements.