This form is used for the purposes of more effectively developing, producing, and operating the Unit Area in order to prevent surface and underground waste, and obtain the greatest ultimate recovery of production of oil and gas, promote conservation, and to afford each of the Parties the right to recover their fair and equitable share of the production to be obtained from the Unit Area, or to receive the attributable proceeds of such production.
The Virgin Islands Gas Storage and Secondary Recovery Unit Agreement is a legally binding contract that governs the terms and conditions of gas storage and secondary recovery activities in the Virgin Islands. This agreement is typically signed between a gas storage operator and interested parties who wish to utilize the services provided by the operator. Gas storage involves the facility to store natural gas in underground reservoirs, allowing for reliable supply during periods of high demand or unforeseen disruptions in the gas supply chain. The Virgin Islands Gas Storage and Secondary Recovery Unit Agreement outlines the specific terms related to the storage of gas, including the quantity, duration, and pricing mechanisms. Furthermore, the Secondary Recovery Unit Agreement pertains to the management and extraction of gas reserves from existing fields. It involves the implementation of enhanced recovery techniques to maximize the extraction amount from the reservoir once primary recovery methods have been exhausted. This agreement outlines the responsibilities, costs, and profit-sharing arrangements between the operator and interested parties in the gas field. There may be different types of Virgin Islands Gas Storage and Secondary Recovery Unit Agreements depending on the specific objectives and conditions of the gas storage or secondary recovery project. For instance, some agreements might focus solely on short-term storage solutions, while others might include long-term storage options. Similarly, secondary recovery agreements could be tailored for specific gas fields with varying recovery techniques or reserves quantities. Keywords: Virgin Islands, gas storage, secondary recovery, agreement, natural gas, underground reservoirs, supply, demand, pricing mechanisms, enhanced recovery techniques, extraction, responsibilities, costs, profit-sharing, short-term storage, long-term storage, gas fields, reserves quantities.The Virgin Islands Gas Storage and Secondary Recovery Unit Agreement is a legally binding contract that governs the terms and conditions of gas storage and secondary recovery activities in the Virgin Islands. This agreement is typically signed between a gas storage operator and interested parties who wish to utilize the services provided by the operator. Gas storage involves the facility to store natural gas in underground reservoirs, allowing for reliable supply during periods of high demand or unforeseen disruptions in the gas supply chain. The Virgin Islands Gas Storage and Secondary Recovery Unit Agreement outlines the specific terms related to the storage of gas, including the quantity, duration, and pricing mechanisms. Furthermore, the Secondary Recovery Unit Agreement pertains to the management and extraction of gas reserves from existing fields. It involves the implementation of enhanced recovery techniques to maximize the extraction amount from the reservoir once primary recovery methods have been exhausted. This agreement outlines the responsibilities, costs, and profit-sharing arrangements between the operator and interested parties in the gas field. There may be different types of Virgin Islands Gas Storage and Secondary Recovery Unit Agreements depending on the specific objectives and conditions of the gas storage or secondary recovery project. For instance, some agreements might focus solely on short-term storage solutions, while others might include long-term storage options. Similarly, secondary recovery agreements could be tailored for specific gas fields with varying recovery techniques or reserves quantities. Keywords: Virgin Islands, gas storage, secondary recovery, agreement, natural gas, underground reservoirs, supply, demand, pricing mechanisms, enhanced recovery techniques, extraction, responsibilities, costs, profit-sharing, short-term storage, long-term storage, gas fields, reserves quantities.
