The New York Gas Storage Agreement and Lease is a legal contract that establishes the terms and conditions for the storage of natural gas in the state of New York. This agreement applies to both surface and underground storage facilities. 1. Surface Gas Storage Agreement and Lease: The Surface Gas Storage Agreement and Lease pertains to the storage of natural gas in above ground facilities within the state of New York. This type of storage often involves the use of surface reservoirs or containers to store the gas. It outlines the rights, obligations, and responsibilities of both the gas storage operator and the lessee. 2. Underground Gas Storage Agreement and Lease: The Underground Gas Storage Agreement and Lease refers to the storage of natural gas in underground facilities in New York. Typically, the gas is stored in depleted oil or gas fields, salt caverns, or aquifer reservoirs located beneath the surface. This type of storage is highly regulated to ensure safety and environmental protection. Key elements and keywords related to the New York Gas Storage Agreement and Lease may include: — Gas storage facility: The agreement outlines the specifications and characteristics of the storage facility, including its location, capacity, and technical requirements. — Lessee: The lessee party is the individual or entity who obtains the rights to store gas within the designated facility. — Lessor: The lessor refers to the party who owns or operates the gas storage facility and leases it to the lessee. — Gas injection and withdrawal: The agreement clearly outlines the processes and procedures for injecting and withdrawing gas from the storage facility, including volume limitations, timing, and safety measures. — Property rights: The agreement discusses the ownership and property rights associated with the gas stored within the facility. — Cost and payment: It covers details related to the payment terms, including storage fees, charges, and any associated costs. — Termination and default: The agreement defines the conditions under which the contract may be terminated, as well as the consequences and remedies in case of default by either party. — Regulatory compliance: The agreement highlights the need for compliance with all relevant federal, state, and local regulations and permits regarding gas storage activities. — Liability and insurance: It addresses the liability and insurance requirements, ensuring that both parties are adequately covered against risks and damages. — Confidentiality and data sharing: The agreement may include clauses related to the protection of proprietary information and restrictions on the sharing or disclosure of data. Overall, the New York Gas Storage Agreement and Lease (Surface and Underground) sets forth a comprehensive framework that regulates the storage of natural gas within the state, ensuring safety, environmental protection, and the rights of all parties involved.
New York Gas Storage Agreement and Lease (Surface and Underground)
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Ingly, when you see the words ?Paid-Up Lease,? this normally means that you will receive an upfront bonus for which the oil and gas company does not have to do anything during the initial or primary term of the lease.
These basic lease terms ? bonus, royalty, term, delay rental (if any) and shut-in royalty --are typically the "deal terms" negotiated between the Lessor and Lessee. The Lessor typically wants the highest bonus, delay rental and royalty fraction he can get, and the shortest primary term. The Lessee wants the opposite.
Hear this out loud PauseAn oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
Hear this out loud PauseAmerica Has One Million Producing Oil and Gas Wells?90 Percent Aren't Federal. The vast majority of leasing, drilling, and production happens on private and state lands.
The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
Hear this out loud PauseIt is most commonly held in inventory underground under pressure in three types of facilities. These underground facilities are depleted reservoirs in oil and/or natural gas fields, aquifers, and salt cavern formations.