Oregon Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1016
• Format: Word; Rich Text

Description

This is an agreement to establish a gas storage unit on depleted producing property. The Oregon Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal contract that governs the establishment and operation of a gas storage unit on a depleted producing property in the state of Oregon. This agreement outlines the rights, responsibilities, and obligations of the parties involved in the storage unit venture. Key terms and keywords related to the Oregon Gas Storage Unit Agreement include: 1. Depleted Producing Property: Refers to a property, such as an oil or gas field, that has been previously exploited for its energy resources and now has reduced or depleted production capabilities. 2. Gas Storage Unit: An underground reservoir or facility where natural gas is stored for future use or to balance supply and demand fluctuations. It allows for the injection and withdrawal of natural gas as needed. 3. Storage Operations: The activities involved in the management, storage, and retrieval of natural gas within the designated storage unit. This includes injection, withdrawal, monitoring, and maintenance. 4. Reservoir Capacity: The maximum amount of natural gas that a storage unit can hold. It is important to determine the capacity to ensure efficient and reliable storage operations. 5. Rights and Ownership: This section of the agreement discusses the ownership and usage rights of the land and subsurface resources required for the establishment and operation of the storage unit. 6. Operating Procedures: Describes the norms and procedures to be followed during the operation of the gas storage unit. This includes safety measures, reporting requirements, and compliance with applicable laws and regulations. Different types of Oregon Gas Storage Unit Agreements may include: 1. Commercial Agreements: These agreements involve private entities or companies that establish and operate the gas storage unit for commercial purposes. Such agreements often involve multiple parties and complex financial arrangements. 2. Public-Private Partnerships (PPP): In some cases, the state of Oregon may enter into a partnership with private entities to establish and operate a gas storage unit. PPP agreements typically involve a mix of public and private funding, as well as shared responsibilities. 3. Joint Venture Agreements: When multiple entities or companies collaborate to establish a gas storage unit on a depleted producing property, a joint venture agreement may be used. This agreement outlines the rights, responsibilities, and profit-sharing arrangements among the participating parties. Overall, the Oregon Gas Storage Unit Agreement is a comprehensive legal document that guides the establishment and operation of a gas storage unit on a depleted producing property in Oregon. It ensures that the storage operations are conducted efficiently, safely, and in compliance with applicable laws and regulations.

The Oregon Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legal contract that governs the establishment and operation of a gas storage unit on a depleted producing property in the state of Oregon. This agreement outlines the rights, responsibilities, and obligations of the parties involved in the storage unit venture. Key terms and keywords related to the Oregon Gas Storage Unit Agreement include: 1. Depleted Producing Property: Refers to a property, such as an oil or gas field, that has been previously exploited for its energy resources and now has reduced or depleted production capabilities. 2. Gas Storage Unit: An underground reservoir or facility where natural gas is stored for future use or to balance supply and demand fluctuations. It allows for the injection and withdrawal of natural gas as needed. 3. Storage Operations: The activities involved in the management, storage, and retrieval of natural gas within the designated storage unit. This includes injection, withdrawal, monitoring, and maintenance. 4. Reservoir Capacity: The maximum amount of natural gas that a storage unit can hold. It is important to determine the capacity to ensure efficient and reliable storage operations. 5. Rights and Ownership: This section of the agreement discusses the ownership and usage rights of the land and subsurface resources required for the establishment and operation of the storage unit. 6. Operating Procedures: Describes the norms and procedures to be followed during the operation of the gas storage unit. This includes safety measures, reporting requirements, and compliance with applicable laws and regulations. Different types of Oregon Gas Storage Unit Agreements may include: 1. Commercial Agreements: These agreements involve private entities or companies that establish and operate the gas storage unit for commercial purposes. Such agreements often involve multiple parties and complex financial arrangements. 2. Public-Private Partnerships (PPP): In some cases, the state of Oregon may enter into a partnership with private entities to establish and operate a gas storage unit. PPP agreements typically involve a mix of public and private funding, as well as shared responsibilities. 3. Joint Venture Agreements: When multiple entities or companies collaborate to establish a gas storage unit on a depleted producing property, a joint venture agreement may be used. This agreement outlines the rights, responsibilities, and profit-sharing arrangements among the participating parties. Overall, the Oregon Gas Storage Unit Agreement is a comprehensive legal document that guides the establishment and operation of a gas storage unit on a depleted producing property in Oregon. It ensures that the storage operations are conducted efficiently, safely, and in compliance with applicable laws and regulations.