Palm Beach Florida Unit Agreement and Plan of Unitization

Name: Palm Beach Florida Unit Agreement and Plan of Unitization
Brand: US Legal Forms
Rating: 4.65 (223 reviews)

Category:

Oil Gas and Minerals - Pooling and Unitization

State:

Multi-State

County:

Palm Beach

Control #:

US-OG-738

Format:

Instant download

Description

This Agreement is entered into, between the parties subscribing, ratifying, or consenting to it. The Parties are the owners of working, royalty, or other oil and gas interests in the Unit Area subject to this Agreement.

The Mineral Leasing Act of February 25, 1920, 41 Stat. 437, as amended, 30 U.S.C., Secs. 181 et seq., authorizes Federal lessees and their representatives to unite with each other, or jointly or separately with others, in collectively adopting and operating a cooperative or unit plan of development or operation of all or any part of any oil or gas pool, field, or like area, for the purposes of more properly conserving the natural resources whenever determined and certified by the Secretary of the Interior of the United States, to be necessary or advisable in the public interest.

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FAQ

Pooling refers to joining together enough acreage to allow issuance of a drilling permit for a single well. Unitization refers to joining together large areas such as an entire reservoir or field to optimize operations, introduce efficiencies, and reduce costs. Both pooling and unitization can be voluntary or forced.

A unitization is the pooling of assets by several parties in an oil and gas producing area in order to form a single operating unit, in exchange for receiving an interest in that unit.

(a) Participating areas are those committed tracts or portions of those committed tracts within the unit area that are proven to be productive by a well meeting the productivity criteria specified in the unit agreement.

Unitization is the agreement to jointly operate an entire producing reservoir or a prospectively productive area of oil and/or gas. The entire unit area is operated as a single entity, without regard to lease boundaries, and allows for the maximum recovery of production from the reservoir.

Unitization is the act of consolidating multiple smaller units into a larger unit for improved warehouse efficiency, quicker packaging and arranging, and more efficient handling and transportation.

The purpose of the unitisation agreement is to establish the unit from the two or more licence or contract areas which contain the reservoir by unitising the licensees respective interests and to provide for the development, operation and decommissioning of the unit.

Unitizing has many significant advantages including: Reduction of labor costs from manual handling to the use of equipment used for larger unitized loads. Inventory control. Decreased loading times resulting in transportation savings. Security and protection of products in the warehouse and in transit.

Unitization is the combined operation of an oil and gas field by the different holders of the rights to the petroleum resources in the individual tracts on top of a petroleum reservoir.

More info

Information affecting employees in the bargaining unit. Completing Attachments 5, 6, and 7 and Selection of Menu .Due to the cost of the contract it needs to be sent out for bid. Agreement to bring to City Council. When staff was getting approval on the plans and putting the project out to bid, they didn't have that information. Middle Bay Tire units. W Stone. Pasco. 420. 611. Operations within the Unit Area in accordance with plans of operations approved pursuant to the Act, applicable Regulations, and this Agreement. 5 How to Complete the OGOR. MiamiDade County, FL. Agreement No. RFP01353IA.

Palm Beach Florida Unit Agreement and Plan of Unitization

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What is the difference between pooling and unitization?

What is asset unitization?

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What is a unitization?

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What is oil field unitization?

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