The New York Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal document that outlines the terms and conditions for the establishment of a gas storage unit on a depleted producing property in the state of New York. This agreement is specifically designed to govern the relationship between the parties involved in the storage and extraction of natural gas from a depleted oil or gas reservoir. Keywords: New York Gas Storage Unit Agreement, depleted producing property, gas storage unit, natural gas, reservoir, legal document, terms and conditions. Different Types of New York Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property): 1. Permanent Storage Agreement: This type of agreement establishes a long-term storage facility on a depleted producing property. It outlines the rights and responsibilities of the parties involved in the storage, extraction, and use of natural gas stored in the unit. 2. Temporary Storage Agreement: Sometimes, parties may require short-term storage solutions for natural gas. A temporary storage agreement allows for the establishment of a gas storage unit on a depleted producing property for a specific period, usually for seasonal or emergency requirements. 3. Joint Venture Storage Agreement: In some cases, two or more entities may collaborate to establish a gas storage unit on a depleted producing property. This type of agreement outlines the terms of the joint venture, including investment contributions, profit-sharing, and operational responsibilities. 4. Lease Agreement: A lease agreement is a common type of New York Gas Storage Unit Agreement that allows one party to lease the right to store natural gas in a unit on a depleted producing property. This agreement specifies the lease terms, payment obligations, and other legal aspects of the arrangement. 5. Expansion Agreement: When there is a need to expand an existing gas storage unit on a depleted producing property, an expansion agreement is required. This agreement outlines the terms for expanding the unit's capacity, including modifications, additional infrastructure, and any new agreements required. 6. Operating Agreement: An operating agreement is essential for governing the day-to-day operations of the gas storage unit. It covers various aspects such as maintenance, safety procedures, emergency response protocols, quality control, and dispute resolution. In conclusion, the New York Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) comes in different types, each tailored to address specific storage needs and legal obligations regarding the extraction and storage of natural gas on a depleted producing property in the state of New York.
New York Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)
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FAQ
Depleted natural gas or oil fields function as gas storage reservoirs in California. Natural gas is injected into the storage reservoirs through gas storage wells and stored until withdrawn for use. There are 12 underground natural gas storage fields in the state.
The storage value is a portfolio of complex spread options. The value of the spread option is a function of the value of the forward contracts plus the risk-neutral expectation of the future forward value spread. The factor driving the spread option values (storage value) is the variability of the forward curve.
The basic approach to storage valuation is to calculate the optimal position given the available forward curve and take this position on the forward market. This intrinsic value approach captures the predictable seasonal pattern in gas prices and secures a sure profit.
Deliverability is most often expressed as a measure of the amount of gas that can be delivered (withdrawn) from a storage facility on a daily basis. Also referred to as the deliverability rate, withdrawal rate, or withdrawal capacity, deliverability is usually expressed in terms of million cubic feet per day (MMcf/d).
The market part of the storage value has two components: intrinsic and extrinsic value. While intrinsic value is a static view of the forward curve, extrinsic value is a complex function of the seasonal spread, spot price volatility, forward spread volatility, asset flexibility and individual optimisation strategies.
The main function of gas storages is to inject and store natural gas at time of low prices and/or low demand and use the gas by withdrawing at times of higher prices and/or higher demand. We can identify three parameters to characterize a gas storage: working gas volume, injection capacity and withdrawal capacity.
The intrinsic valuation methodology derives value from time spreads in the price of gas. Months for which the forward price is relatively low are chosen from the current forward curve for entering into a long position and injecting gas into the facility.