Kings New York Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)

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

Description

This is an agreement to establish a gas storage unit on depleted producing property. The Kings New York Gas Storage Unit Agreement, specifically pertaining to the establishment of a unit on a depleted producing property, is a legally binding contract that outlines the terms and conditions for storing natural gas in a designated area within Kings County, New York. This agreement is crucial for both gas operators and property owners looking to capitalize on the potential of depleted gas fields. In establishing a gas storage unit, the agreement covers various key aspects such as the rights and responsibilities of the parties involved, the duration of the agreement, storage capacity, and the financial aspects of the arrangement. It ensures a fair and mutually beneficial relationship between the gas operator and the property owner. Keywords: Kings New York Gas Storage Unit Agreement, depleted producing property, natural gas, Kings County, New York, gas storage unit, contract, terms and conditions, gas operators, property owners, depleted gas fields, rights and responsibilities, duration, storage capacity, financial aspects, mutually beneficial relationship. Different types of Kings New York Gas Storage Unit Agreements (Establish Unit on Depleted Producing Property) can include variations based on specific scenarios or conditions. These may include: 1. Lease Agreement: This type of agreement allows a gas operator to lease the storage unit on the depleted producing property for a specified period. It outlines the rights and obligations of both parties during the lease term. 2. Operating Agreement: This agreement focuses on the operational aspects of the storage unit. It includes provisions related to the maintenance, safety measures, and day-to-day operations of the gas storage unit on the depleted producing property. 3. Revenue Sharing Agreement: In some cases, a revenue sharing agreement may be established wherein the property owner receives a percentage of the profits generated from the storage and retrieval of natural gas. This type of agreement outlines the specific terms and conditions for revenue sharing between the involved parties. 4. Expansion Agreement: If the gas operator wishes to expand the storage capacity on the depleted producing property, an expansion agreement may be necessary. This agreement outlines the terms, conditions, and financial arrangements related to the expansion process. 5. Termination Agreement: In situations where either party wishes to terminate the agreement prematurely, a termination agreement can be established. It includes provisions for the settlement of any remaining obligations or liabilities. Keywords: Lease Agreement, Operating Agreement, Revenue Sharing Agreement, Expansion Agreement, Termination Agreement.

The Kings New York Gas Storage Unit Agreement, specifically pertaining to the establishment of a unit on a depleted producing property, is a legally binding contract that outlines the terms and conditions for storing natural gas in a designated area within Kings County, New York. This agreement is crucial for both gas operators and property owners looking to capitalize on the potential of depleted gas fields. In establishing a gas storage unit, the agreement covers various key aspects such as the rights and responsibilities of the parties involved, the duration of the agreement, storage capacity, and the financial aspects of the arrangement. It ensures a fair and mutually beneficial relationship between the gas operator and the property owner. Keywords: Kings New York Gas Storage Unit Agreement, depleted producing property, natural gas, Kings County, New York, gas storage unit, contract, terms and conditions, gas operators, property owners, depleted gas fields, rights and responsibilities, duration, storage capacity, financial aspects, mutually beneficial relationship. Different types of Kings New York Gas Storage Unit Agreements (Establish Unit on Depleted Producing Property) can include variations based on specific scenarios or conditions. These may include: 1. Lease Agreement: This type of agreement allows a gas operator to lease the storage unit on the depleted producing property for a specified period. It outlines the rights and obligations of both parties during the lease term. 2. Operating Agreement: This agreement focuses on the operational aspects of the storage unit. It includes provisions related to the maintenance, safety measures, and day-to-day operations of the gas storage unit on the depleted producing property. 3. Revenue Sharing Agreement: In some cases, a revenue sharing agreement may be established wherein the property owner receives a percentage of the profits generated from the storage and retrieval of natural gas. This type of agreement outlines the specific terms and conditions for revenue sharing between the involved parties. 4. Expansion Agreement: If the gas operator wishes to expand the storage capacity on the depleted producing property, an expansion agreement may be necessary. This agreement outlines the terms, conditions, and financial arrangements related to the expansion process. 5. Termination Agreement: In situations where either party wishes to terminate the agreement prematurely, a termination agreement can be established. It includes provisions for the settlement of any remaining obligations or liabilities. Keywords: Lease Agreement, Operating Agreement, Revenue Sharing Agreement, Expansion Agreement, Termination Agreement.