New York Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a legally binding document that establishes the terms and conditions for the storage and extraction of natural gas from subsurface underground areas in the state of New York. This agreement is between the gas storage operator and the landowner, granting the operator the right to access and use the land for underground gas storage purposes. This long-form lease agreement outlines various key aspects involved in the gas storage lease. It provides a comprehensive framework that protects the interests of both parties by clearly defining their respective rights, responsibilities, and obligations. The document covers several critical clauses, such as: 1. Definition and Identification of the Parties: The agreement identifies the gas storage operator and the landowner, including their legal names, addresses, and contact information. 2. Grant of Rights: This section specifies the rights granted to the gas storage operator, allowing them to occupy, access, and use the subsurface underground areas on the landowner's property for gas storage activities. 3. Description of Gas Storage Operations: The agreement describes the specific activities allowed for gas storage purposes, such as injection, withdrawal, and monitoring of gas in the underground storage reservoir. 4. Lease Term and Extensions: This section outlines the initial lease term, potential renewal options, and conditions that may trigger lease termination or extension. 5. Payment Provisions: The agreement includes detailed provisions relating to rent payments, operating costs, royalties, taxes, and any other financial considerations between the operator and the landowner. 6. Environmental and Regulatory Compliance: It highlights the obligations of the operator to comply with all applicable laws, regulations, and permits concerning environmental protection, health, safety, and operational requirements. 7. Insurance and Liability: This clause establishes the insurance requirements for the operator, including liability coverage, indemnification, and provisions related to third-party claims arising from gas storage operations. 8. Property Access and Surface Rights: The lease agreement may also contain provisions regarding the operator's access to surface facilities, easements, and necessary rights-of-way required for the efficient operation of the gas storage facility. It is important to note that specific variations of New York Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) may exist depending on the circumstances, parties involved, and any additional contractual arrangements. However, the above-mentioned aspects generally form the core structure of such agreements. In summary, this comprehensive lease agreement ensures that both the gas storage operator and the landowner have a clear understanding of their respective roles, obligations, and rights when establishing and operating a subsurface underground gas storage facility in New York.
New York Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form)
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An 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.
Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.
- Lessor -The owner of the minerals that grants the lease. - Lessee -The oil and gas developer that takes the lease. - Primary Term-Length of time the Lessee has to establish production by drilling a well on the lands subject to the lease. Generally, primary terms run from one to ten years.
America 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.
Oil leases are agreements between an oil and gas company known as the lessee and mineral owners known as a lessor, in which the lessor grants the lessee the permission to explore, drill, and produce those minerals for a specified period known as a primary term or as long as the minerals continue to be productive.
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.
It 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.
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.