A Suffolk, New York Option Agreement to Acquire Underground Gas Storage Lease is a legal document that grants an individual or entity the exclusive right to negotiate and potentially acquire a lease for an underground gas storage facility in Suffolk County, New York. It is a crucial step in the process of gaining access to and utilizing underground natural gas reserves for storage purposes. The option agreement serves as a preliminary agreement between the interested party, often referred to as the optioned, and the gas storage facility owner, or lessor. It outlines the terms and conditions under which the optioned can negotiate the lease, while maintaining the opportunity to back out if conditions are not met or if they choose not to pursue the lease further. This agreement typically includes key details such as the duration of the option period, the option price or fee payable to the lessor for exclusive rights, the rights of the optioned to access the storage facility for feasibility studies or inspections, and any other specific requirements or obligations of both parties. There may be different types of Suffolk, New York Option Agreements for acquiring underground gas storage leases based on distinct lease structures or conditions. Some possible variations include: 1. Lease Type Options: These agreements could offer options for specific lease types, such as seasonal leases for short-term storage needs or long-term leases for extended gas storage operations. The agreement terms and scope of the option would be tailored to the particular type of lease desired by the optioned. 2. Capacity Options: In certain instances, the option agreement may allow for the selection of different storage capacity options based on the gas storage needs of the optioned. This could include various storage volume options that dictate the quantity of gas that can be stored in the facility. 3. Development Options: In cases where the underground gas storage site requires development or modifications before it can be used, a development option agreement may be in place. This type of option agreement outlines the process for developing the storage facility within a predetermined timeframe and in accordance with specific conditions. 4. Cooperative Options: In some scenarios, multiple parties may be interested in acquiring an underground gas storage lease jointly. Cooperative option agreements facilitate collaboration between multiple options to negotiate and potentially acquire the lease together, sharing costs, rights, and responsibilities. It is important to note that the specific names and variations of these option agreements may differ based on the individual circumstances or the legal jurisdiction governing the agreement. Therefore, it is essential to consult with legal professionals and thoroughly review the agreement to ensure compliance and understanding of all terms and conditions.
Suffolk New York Option Agreement (to Aquire Underground Gas Storage Lease)
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Typical time: Each well can be drilled in 14 to 25 days. Rig mobilization in and out takes approximately 2 to 3 days. A rig may be on site to drill multiple wells extending the time by 14 to 25 days per well.
The majority of these wells have a production rate ranging between 15 and 100 barrels of oil equivalent per day.
?When you take a look at this well, how much natural gas are you going to use a year?? he asks, noting that a domestic well could save a typical farm owner between $1,500 to $2,500 annually. Oil from the well could generate another $800-$1,200 per year.
Depleted natural gas or oil fields function as gas storage reservoirs in California. Natural gas is injected into the storage reservoirs through gas storage wells and stored until withdrawn for use. There are 12 underground natural gas storage fields in the state.
Every gas well drilled in such pool: a) Shall be on a drilling unit consisting of (1) one hundred sixty (160) contiguous surface acres, or (2) a governmental quarter section containing not less than one hundred forty- four (144) acres or more than one hundred seventy-six (176) acres.
Producing natural gas (25 to 40 years): A natural gas well can produce gas for up to four decades, and all the while it's monitored to ensure continual well integrity.
Natural gas is stored underground primarily in three reservoir types: depleted oil and natural gas fields, salt formations and depleted aquifers. Natural gas may also be stored above ground in refrigerated tanks as liquefied natural gas (LNG).
After completion, a well can produce for as long as 20 to 40 years?providing energy and long-term revenue to governments and mineral owners and sustaining local jobs.
More than half of U.S. oil and natural gas production comes from wells that produce between 100 barrels of oil equivalent per day (BOE/d) and 3,200 BOE/d (Figures 3 and 4, respectively).
Every gas well drilled in such pool: a) Shall be on a drilling unit consisting of (1) one hundred sixty (160) contiguous surface acres, or (2) a governmental quarter section containing not less than one hundred forty- four (144) acres or more than one hundred seventy-six (176) acres.