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Surface Lease to Allow Storing or Transporting Oil and Gas from off...

Bronx New York Surface Lease to Allow Storing or Transporting Oil and Gas from off Premises

Name: Bronx New York Surface Lease to Allow Storing or Transporting Oil and Gas from off Premises
Brand: US Legal Forms
Rating: 4.64 (394 reviews)

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

County:

Bronx

Control #:

US-OG-151

Format:

Instant download

Description

This form addresses the situation where an oil operator desires to store oil (probably in a tank battery) on lands where the wells are not located and are not subject to an oil and gas lease.

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How to fill out Bronx New York Surface Lease To Allow Storing Or Transporting Oil And Gas From Off Premises?

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FAQ

An oil lease is essentially an agreement between parties to allow a Lessee (the oil and gas company and their production crew) to have access to the property and minerals (oil and gas) on the property of the Lessor. The lease agreement is a legal contract of terms.

Definition of oil and gas lease : a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.

1. n. Oil and Gas Business An oil and gas lease wherein the bonus consideration is paid at the signing of the lease. However, this lease becomes effective only after the expiration or termination of an existing lease on the tract of land.

An OGL gives a lessee an implied right to use the surface as is reasonably neccesary to explore, develop, and produce oil and gas from the land because the mineral estate is dominant.

A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.

An Oil and Gas lease is a legal document between the landowner (lessor) and an operator (lessee) that allows the operator to produce and sell the oil and gas minerals beneath the property.

The Standard Producers 88 Oil, Gas, and Mineral Lease, also known as the printed form, is the most widely used access and granting document in use by the Oil and Gas exploration industry in America.

For many years, almost all oil and gas leases reserved a 1/8th royalty. Today, the royalty fraction is negotiable, and is usually between 1/8th and 1/4th. Bonus. The bonus is the amount paid to the Lessor as consideration for his/her execution of the lease.

According to Kramer, a lease that is executed by owners of separate tracts (or separate interests in the same tract) is known as a community lease and effectively pools the interests covered by the lease unless a contrary intent is expressly provided in the provisions of the lease itself or an amendment to the lease.

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NEW YORK -- NY State Environmental Conservation Commission Administrator Richard B. Steinberg today announced that the State and the Natural Resources Trust Agency have signed an agreement with the New York City Department of Environmental Protection that permits storage or transport of oil and gas from off-premises and/or on-premises storage, or use off-premises facilities, on the Empire State Development Corp.'s Empire Pipeline System within the Empire State Park. The permit allows NYSE to receive, process, and store off-premise petroleum, including oil, within Empire State Park. The agreement includes other commitments regarding disposal of oil and gas in New York State. The agreement will be implemented in one of two ways. NYSE will develop a plan to transport oil and gas by pipeline for on-premises storage or transport within Empire State Park. The NYSE plan must involve NYSE and other authorized parties conducting the activity within Empire State Park.

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Bronx New York Surface Lease to Allow Storing or Transporting Oil and Gas from off Premises

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Interesting Questions

What is the Bronx Surface Lease?

Who is involved in the Bronx Surface Lease?

What does it mean to store oil and gas from off premises?

What does it mean to transport oil and gas from off premises?

Do individuals or companies need a lease to store or transport oil and gas in the Bronx?

How does the Bronx Surface Lease benefit the involved parties?

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