This form is used for the purposes of more effectively developing, producing, and operating the Unit Area in order to prevent surface and underground waste, and obtain the greatest ultimate recovery of production of oil and gas, promote conservation, and to afford each of the Parties the right to recover their fair and equitable share of the production to be obtained from the Unit Area, or to receive the attributable proceeds of such production.
Cook Illinois Gas Storage and Secondary Recovery Unit Agreement is a legally binding contract that outlines the terms and conditions between Cook Illinois Gas Storage (CIGS) and the party seeking to utilize its gas storage and secondary recovery services. This agreement is designed to facilitate the storage and retrieval of natural gas, as well as the implementation of secondary recovery techniques for enhanced gas production. CIGS, a leading gas storage and secondary recovery company, offers a range of agreement types tailored to meet the specific needs of their clients. These agreements include: 1. Gas Storage Agreement: This type of agreement allows customers to lease storage space within CIGS facilities for the purpose of storing natural gas. It details the terms of the lease, including storage capacity, duration, and any specific operational requirements. 2. Secondary Recovery Unit Agreement: This agreement focuses on the implementation of secondary recovery techniques to enhance the gas production from existing wells. It involves the injection of various substances, such as natural gas liquids or carbon dioxide, into reservoirs to stimulate additional gas recovery. The agreement outlines the responsibilities of both parties in terms of financing, operations, and risk management. Key elements and provisions commonly found in Cook Illinois Gas Storage and Secondary Recovery Unit Agreements include: 1. Storage Capacity and Duration: The agreement specifies the amount of storage capacity assigned to the customer and the duration of the storage lease. It also includes provisions for potential capacity expansion or reduction during the agreement term. 2. Injection and Withdrawal Rights: The contract details the procedures and rights associated with the injection and withdrawal of gas from storage. It covers timing, notification requirements, and any limitations or restrictions on gas usage. 3. Usage Fees and Payment Terms: The agreement sets forth the fees associated with storage services, including capacity charges, injection fees, withdrawal fees, and any other applicable costs. It also outlines the payment terms, such as invoicing frequency, payment deadlines, and potential penalties for late payments. 4. Insurance and Liability: This section specifies the insurance requirements for both parties and addresses liability and indemnification in case of accidents, damages, or losses associated with storage or secondary recovery operations. 5. Force Mature and Termination: The agreement includes force majeure provisions, which outline circumstances beyond the control of either party that could result in a delay or termination of the agreement. It also defines the conditions under which the agreement can be terminated by either party and the consequences of such termination. In conclusion, the Cook Illinois Gas Storage and Secondary Recovery Unit Agreement is a comprehensive contract governing the storage and secondary recovery of natural gas. It offers different types of agreements, such as the Gas Storage Agreement and the Secondary Recovery Unit Agreement, to cater to the diverse needs of clients. These agreements cover key aspects, including storage capacity, injection rights, fees, insurance, termination, and force majeure.Cook Illinois Gas Storage and Secondary Recovery Unit Agreement is a legally binding contract that outlines the terms and conditions between Cook Illinois Gas Storage (CIGS) and the party seeking to utilize its gas storage and secondary recovery services. This agreement is designed to facilitate the storage and retrieval of natural gas, as well as the implementation of secondary recovery techniques for enhanced gas production. CIGS, a leading gas storage and secondary recovery company, offers a range of agreement types tailored to meet the specific needs of their clients. These agreements include: 1. Gas Storage Agreement: This type of agreement allows customers to lease storage space within CIGS facilities for the purpose of storing natural gas. It details the terms of the lease, including storage capacity, duration, and any specific operational requirements. 2. Secondary Recovery Unit Agreement: This agreement focuses on the implementation of secondary recovery techniques to enhance the gas production from existing wells. It involves the injection of various substances, such as natural gas liquids or carbon dioxide, into reservoirs to stimulate additional gas recovery. The agreement outlines the responsibilities of both parties in terms of financing, operations, and risk management. Key elements and provisions commonly found in Cook Illinois Gas Storage and Secondary Recovery Unit Agreements include: 1. Storage Capacity and Duration: The agreement specifies the amount of storage capacity assigned to the customer and the duration of the storage lease. It also includes provisions for potential capacity expansion or reduction during the agreement term. 2. Injection and Withdrawal Rights: The contract details the procedures and rights associated with the injection and withdrawal of gas from storage. It covers timing, notification requirements, and any limitations or restrictions on gas usage. 3. Usage Fees and Payment Terms: The agreement sets forth the fees associated with storage services, including capacity charges, injection fees, withdrawal fees, and any other applicable costs. It also outlines the payment terms, such as invoicing frequency, payment deadlines, and potential penalties for late payments. 4. Insurance and Liability: This section specifies the insurance requirements for both parties and addresses liability and indemnification in case of accidents, damages, or losses associated with storage or secondary recovery operations. 5. Force Mature and Termination: The agreement includes force majeure provisions, which outline circumstances beyond the control of either party that could result in a delay or termination of the agreement. It also defines the conditions under which the agreement can be terminated by either party and the consequences of such termination. In conclusion, the Cook Illinois Gas Storage and Secondary Recovery Unit Agreement is a comprehensive contract governing the storage and secondary recovery of natural gas. It offers different types of agreements, such as the Gas Storage Agreement and the Secondary Recovery Unit Agreement, to cater to the diverse needs of clients. These agreements cover key aspects, including storage capacity, injection rights, fees, insurance, termination, and force majeure.
