What causes a gas imbalance?

A gas imbalance typically occurs as a result of one of three reasons: A working interest (WI) partner chooses to take in kind (TIK), meaning they're taking their share of gas to market, either on their own or with someone other than the operator to gain a more favorable marketing agreement.

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Precedent Agreement for Firm Natural Gas Storage Service

Wake North Carolina Precedent Agreement for Firm Natural Gas Storage Service

Name: Wake North Carolina Precedent Agreement for Firm Natural Gas Storage Service
Brand: US Legal Forms
Rating: 4.72 (328 reviews)

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

County:

Wake

Control #:

US-OG-1089

Format:

Instant download

Description

This form is a precedent agreement for a firm national gas storage service.

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FAQ

A condition precedent is a condition of a contract which must be fulfilled for either the contract to be valid or certain contractual obligations to come into effect.

Second, increasingly, precedent agreements are between entities under the same corporate umbrella and where one subsidiary company (e.g., the shipper that may own a power plant or provide local gas distribution service) agrees to buy capacity on a pipeline proposed by its sister company.

In a contract, a condition precedent is an event that must occur before the parties are obligated to perform. For example, an insurance contract may require the insurer to pay to rebuild the customer's home if it is destroyed by fire during the policy period. The fire is a condition precedent.

A gas balancing arrangement settles the over-use or under-use of a gas well by the various partners who have interests in it. This arrangement is needed when there are two or more partners in a gas well.

A condition precedent is an explicit or implicit clause within a contract that says the other party must accomplish its duty before the contract can move forward.

An Operational Balancing Agreement ("OBA") is a contract between two parties which specifies the procedures to manage operating variances at an interconnection between pipelines.

Precedent Agreement means a binding agreement between Company and a Prospective Shipper for the provision of the transportation service requested, subject to fulfillment of conditions precedent as agreed to between Prospective Shipper and Company.

What is a Gas Balancing Arrangement? A gas balancing arrangement settles the over-use or under-use of a gas well by the various partners who have interests in it. This arrangement is needed when there are two or more partners in a gas well.

1. A condition precedent is one the fulfillment of which completes an inchoate title. A condition subsequent is one of the fulfillments which extinguishes a title already completed.

A gas imbalance typically occurs as a result of one of three reasons: A working interest (WI) partner chooses to take in kind (TIK), meaning they're taking their share of gas to market, either on their own or with someone other than the operator to gain a more favorable marketing agreement.

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Wake North Carolina Precedent Agreement for Firm Natural Gas Storage Service

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