Franklin Ohio Natural Gas Storage Lease is a legal agreement between a property owner and a natural gas company, allowing the company to store natural gas underground on the property. This lease provides the company with the right to inject, withdraw, and store natural gas in designated natural underground reservoirs situated in Franklin, Ohio. The Franklin Ohio Natural Gas Storage Lease offers several types of agreements, each tailored to meet specific needs and requirements. These variations can include: 1. Mineral Rights Lease: This type of lease grants the natural gas company the exclusive rights to store natural gas in the underground reservoirs located on the property in exchange for financial compensation. It ensures that the property owner is fairly compensated based on the volume and duration of gas storage. 2. Surface Use Agreement: Apart from granting subsurface rights, this lease agreement also allows the natural gas company to access the surface area for necessary infrastructure construction and operation. Compensation is provided for any potential disruption or use of surface land. 3. Storage Capacity Lease: This agreement defines the specific storage capacity allocated to the natural gas company for the identified underground reservoirs. It outlines the duration of storage, withdrawal rights, and financial arrangements related to the storage capacity provided by the property owner. 4. Royalty Lease: This type of arrangement outlines the percentage of royalties the property owner will receive from the natural gas company upon the extraction or sale of the stored natural gas. Royalties are typically a portion of the revenue generated from the usage of the stored gas. 5. Subsurface Easement: By signing a subsurface easement lease, the property owner grants the natural gas company the right to access and utilize the underground geological formations for gas storage purposes. This lease would be applicable if the company does not require surface access for construction or operation. Franklin Ohio Natural Gas Storage Leases play a vital role in facilitating the efficient storage and distribution of natural gas resources. These agreements ensure that property owners are fairly compensated for allowing the utilization of underground reservoirs while helping meet the energy demands of the local community.
Franklin Ohio Natural Gas Storage Lease
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