Tarrant Texas Gas Storage Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• County: Tarrant
• Control #: US-OG-723
• Format: Word; Rich Text

Description

This form is used when Owner owns and operates underground gas storage facilities and Customer desires storage service for natural gas to serve its Plant, and Owner is willing to render such storage services. Tarrant Texas Gas Storage Agreement refers to a legally binding contract established between entities involved in the gas storage industry in Tarrant County, Texas. This agreement outlines the terms and conditions under which natural gas can be stored, leased, or purchased, ensuring security, access, and equitable distribution of gas resources. In Tarrant County, various types of gas storage agreements exist to cater to the diverse needs of market participants. These agreements include: 1. Underground Gas Storage Agreement: This type of agreement pertains to the storage of natural gas in underground reservoirs or depleted gas fields. Gas can be injected and withdrawn from these storage facilities based on market demand and supply dynamics. 2. Above ground Gas Storage Agreement: Unlike underground storage, this agreement involves the usage of above ground storage facilities such as pressurized tanks or liquefied natural gas (LNG) containers. These storage options enable rapid access to gas and are often utilized for short-term or emergency storage purposes. 3. Seasonal Gas Storage Agreement: This type of agreement revolves around temporary gas storage needs that typically fluctuate seasonally. For instance, during summer, excess gas can be stored in preparation for increased demand during winter months. 4. Long-Term Gas Storage Agreement: Long-term agreements are established when parties require extended access to gas storage facilities. These agreements often span several years and provide stability and certainty for storing and accessing gas reserves. Key provisions commonly found in Tarrant Texas Gas Storage Agreements include: a) Injection and Withdrawal Rights: These clauses dictate the quantity and rate at which gas can be injected and withdrawn from the storage facility. b) Capacity and Storage Charges: The agreement specifies the maximum storage capacity allotted to each party and corresponding fees for utilizing the storage facility. c) Delivery Points and Transferability: The contract details the designated delivery points for gas withdrawal and provision for transferability of storage rights to other entities. d) Force Mature: This clause considers events beyond the control of the parties, such as natural disasters or regulatory actions, and defines the parties' obligations and liabilities in such situations. e) Confidentiality: Parties involved in the agreement often undertake to maintain the confidentiality of any sensitive information disclosed during the agreement's tenure. f) Termination and Renewal: The agreement outlines the conditions for terminating or renewing the contract, including notice periods and potential penalties. In summary, Tarrant Texas Gas Storage Agreements regulate the storage, leasing, and purchase of natural gas in Tarrant County. These agreements promote efficient utilization of gas resources and establish clear terms for parties involved in the gas storage industry, ensuring a secure and reliable energy supply.

Tarrant Texas Gas Storage Agreement refers to a legally binding contract established between entities involved in the gas storage industry in Tarrant County, Texas. This agreement outlines the terms and conditions under which natural gas can be stored, leased, or purchased, ensuring security, access, and equitable distribution of gas resources. In Tarrant County, various types of gas storage agreements exist to cater to the diverse needs of market participants. These agreements include: 1. Underground Gas Storage Agreement: This type of agreement pertains to the storage of natural gas in underground reservoirs or depleted gas fields. Gas can be injected and withdrawn from these storage facilities based on market demand and supply dynamics. 2. Above ground Gas Storage Agreement: Unlike underground storage, this agreement involves the usage of above ground storage facilities such as pressurized tanks or liquefied natural gas (LNG) containers. These storage options enable rapid access to gas and are often utilized for short-term or emergency storage purposes. 3. Seasonal Gas Storage Agreement: This type of agreement revolves around temporary gas storage needs that typically fluctuate seasonally. For instance, during summer, excess gas can be stored in preparation for increased demand during winter months. 4. Long-Term Gas Storage Agreement: Long-term agreements are established when parties require extended access to gas storage facilities. These agreements often span several years and provide stability and certainty for storing and accessing gas reserves. Key provisions commonly found in Tarrant Texas Gas Storage Agreements include: a) Injection and Withdrawal Rights: These clauses dictate the quantity and rate at which gas can be injected and withdrawn from the storage facility. b) Capacity and Storage Charges: The agreement specifies the maximum storage capacity allotted to each party and corresponding fees for utilizing the storage facility. c) Delivery Points and Transferability: The contract details the designated delivery points for gas withdrawal and provision for transferability of storage rights to other entities. d) Force Mature: This clause considers events beyond the control of the parties, such as natural disasters or regulatory actions, and defines the parties' obligations and liabilities in such situations. e) Confidentiality: Parties involved in the agreement often undertake to maintain the confidentiality of any sensitive information disclosed during the agreement's tenure. f) Termination and Renewal: The agreement outlines the conditions for terminating or renewing the contract, including notice periods and potential penalties. In summary, Tarrant Texas Gas Storage Agreements regulate the storage, leasing, and purchase of natural gas in Tarrant County. These agreements promote efficient utilization of gas resources and establish clear terms for parties involved in the gas storage industry, ensuring a secure and reliable energy supply.