Utah 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 Utah Gas Storage Unit Agreement is a legal document that outlines the terms and conditions for establishing a gas storage unit on a depleted producing property in the state of Utah. This agreement is important for parties involved in the storage and extraction of natural gas resources, as it provides a framework for the utilization and administration of the depleted property. Key provisions in the Utah Gas Storage Unit Agreement include the identification of the specific depleted producing property, which could refer to a well or a field that has reached the end of its productive life. The agreement also establishes the necessary permissions and consents required for the establishment of a gas storage unit on the designated property. Furthermore, the agreement outlines the rights and obligations of the parties involved. This includes the responsibilities of the operator, who will oversee the day-to-day operations of the gas storage unit. It also delineates the responsibilities of the participating working interest owners, who are typically owners of the depleted producing property. The Utah Gas Storage Unit Agreement further covers topics such as storage capacity allocation among the working interest owners, procedures for injection and withdrawal of gas, maintenance and repair responsibilities, and provisions for the termination or amendment of the agreement. There are several types of Utah Gas Storage Unit Agreements, each tailored to the specific needs and characteristics of the depleted producing property. This includes agreements for underground gas storage units situated in geologic formations such as salt caverns, depleted oil or gas reservoirs, or aquifers. Additionally, there may be agreements concerning the conversion of idle or abandoned wells into gas storage units. In summary, the Utah Gas Storage Unit Agreement is a legally binding document that governs the establishment and operation of a gas storage unit on a depleted producing property in Utah. It serves to regulate the rights and responsibilities of the parties involved and ensures the efficient utilization of natural gas resources.

The Utah Gas Storage Unit Agreement is a legal document that outlines the terms and conditions for establishing a gas storage unit on a depleted producing property in the state of Utah. This agreement is important for parties involved in the storage and extraction of natural gas resources, as it provides a framework for the utilization and administration of the depleted property. Key provisions in the Utah Gas Storage Unit Agreement include the identification of the specific depleted producing property, which could refer to a well or a field that has reached the end of its productive life. The agreement also establishes the necessary permissions and consents required for the establishment of a gas storage unit on the designated property. Furthermore, the agreement outlines the rights and obligations of the parties involved. This includes the responsibilities of the operator, who will oversee the day-to-day operations of the gas storage unit. It also delineates the responsibilities of the participating working interest owners, who are typically owners of the depleted producing property. The Utah Gas Storage Unit Agreement further covers topics such as storage capacity allocation among the working interest owners, procedures for injection and withdrawal of gas, maintenance and repair responsibilities, and provisions for the termination or amendment of the agreement. There are several types of Utah Gas Storage Unit Agreements, each tailored to the specific needs and characteristics of the depleted producing property. This includes agreements for underground gas storage units situated in geologic formations such as salt caverns, depleted oil or gas reservoirs, or aquifers. Additionally, there may be agreements concerning the conversion of idle or abandoned wells into gas storage units. In summary, the Utah Gas Storage Unit Agreement is a legally binding document that governs the establishment and operation of a gas storage unit on a depleted producing property in Utah. It serves to regulate the rights and responsibilities of the parties involved and ensures the efficient utilization of natural gas resources.