Texas 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 Texas Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legally binding contract entered into by parties involved in the oil and gas industry in Texas. This agreement allows for the establishment of a storage unit on a depleted producing property, which can be used for storing natural gas or related commodities. One type of Texas Gas Storage Unit Agreement is the Depleted Producing Property Lease Agreement. This agreement is specifically tailored for parties interested in leasing a depleted producing property for the purpose of establishing a storage unit. It outlines the terms and conditions related to the lease, the rights and responsibilities of the parties, and the specific provisions related to the storage unit. Another type is the Gas Storage Agreement. This agreement is designed for parties interested in utilizing an existing storage facility on a depleted producing property in Texas. It outlines the terms of the agreement, including the storage capacity, duration, pricing, and operational details. This type of agreement typically involves the lease and operation of an entire facility, rather than a specific unit. The Texas Gas Storage Unit Agreement covers various important aspects related to the establishment and operation of the storage unit. It typically includes provisions related to: 1. Parties Involved: Clearly identifies the parties entering into the agreement, including their legal names and addresses. 2. Property Description: Provides a detailed description of the depleted producing property where the storage unit will be established, including legal boundaries, specific locations, and any access or easement rights necessary. 3. Unit Establishment and Construction: Outlines the procedures and responsibilities for establishing the storage unit, including any required construction or modification of infrastructure. 4. Storage Rights and Obligations: Specifies the rights and obligations of the parties related to storage capacity, access, withdrawal, injection, and inventory management. 5. Fees and Payment Terms: Details the fees, charges, or royalty payments required for utilizing the storage unit, including any penalties or adjustments for non-compliance. 6. Term and Termination: States the duration of the agreement and the events or conditions that may lead to termination or extension. 7. Insurance and Liability: Addresses the insurance requirements, liability limitations, and indemnity obligations for the parties involved. 8. Governing Law and Dispute Resolution: Specifies the jurisdiction and governing law under which any disputes or legal actions will be resolved. It is important to note that the specific terms and conditions of the Texas Gas Storage Unit Agreement can vary depending on the requirements of the parties involved and the nature of the depleted producing property. Therefore, it is crucial for all parties to carefully review and negotiate the agreement to ensure it aligns with their needs and interests.

The Texas Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) is a legally binding contract entered into by parties involved in the oil and gas industry in Texas. This agreement allows for the establishment of a storage unit on a depleted producing property, which can be used for storing natural gas or related commodities. One type of Texas Gas Storage Unit Agreement is the Depleted Producing Property Lease Agreement. This agreement is specifically tailored for parties interested in leasing a depleted producing property for the purpose of establishing a storage unit. It outlines the terms and conditions related to the lease, the rights and responsibilities of the parties, and the specific provisions related to the storage unit. Another type is the Gas Storage Agreement. This agreement is designed for parties interested in utilizing an existing storage facility on a depleted producing property in Texas. It outlines the terms of the agreement, including the storage capacity, duration, pricing, and operational details. This type of agreement typically involves the lease and operation of an entire facility, rather than a specific unit. The Texas Gas Storage Unit Agreement covers various important aspects related to the establishment and operation of the storage unit. It typically includes provisions related to: 1. Parties Involved: Clearly identifies the parties entering into the agreement, including their legal names and addresses. 2. Property Description: Provides a detailed description of the depleted producing property where the storage unit will be established, including legal boundaries, specific locations, and any access or easement rights necessary. 3. Unit Establishment and Construction: Outlines the procedures and responsibilities for establishing the storage unit, including any required construction or modification of infrastructure. 4. Storage Rights and Obligations: Specifies the rights and obligations of the parties related to storage capacity, access, withdrawal, injection, and inventory management. 5. Fees and Payment Terms: Details the fees, charges, or royalty payments required for utilizing the storage unit, including any penalties or adjustments for non-compliance. 6. Term and Termination: States the duration of the agreement and the events or conditions that may lead to termination or extension. 7. Insurance and Liability: Addresses the insurance requirements, liability limitations, and indemnity obligations for the parties involved. 8. Governing Law and Dispute Resolution: Specifies the jurisdiction and governing law under which any disputes or legal actions will be resolved. It is important to note that the specific terms and conditions of the Texas Gas Storage Unit Agreement can vary depending on the requirements of the parties involved and the nature of the depleted producing property. Therefore, it is crucial for all parties to carefully review and negotiate the agreement to ensure it aligns with their needs and interests.