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.
Lima Arizona Gas Storage and Secondary Recovery Unit Agreement is a legal contract that outlines the terms and conditions agreed upon by parties involved in the storage and secondary recovery of natural gas in Lima, Arizona. This agreement is specifically designed to govern the operations and activities related to the storage and secondary recovery of gas in the region. The purpose of the Lima Arizona Gas Storage and Secondary Recovery Unit Agreement is to establish a comprehensive framework for the exploration, extraction, storage, and distribution of natural gas in Lima, Arizona. It defines the rights, responsibilities, and obligations of the parties involved, including the gas storage operator, secondary recovery operators, and any other relevant entities. This agreement covers various key aspects related to gas storage and secondary recovery, such as capacity allocation, injection and withdrawal procedures, pricing and payment terms, safety and environmental regulations, liabilities and indemnities, and dispute resolution mechanisms. Lima Arizona Gas Storage and Secondary Recovery Unit Agreement may have different types depending on specific circumstances and requirements. These variations could include: 1. Standard Gas Storage and Secondary Recovery Unit Agreement: This is the most common type of agreement, which encompasses the general terms and conditions applicable to gas storage and secondary recovery operations in Lima, Arizona. 2. Customized Gas Storage and Secondary Recovery Unit Agreement: This type of agreement is tailored to accommodate the unique needs and preferences of individual parties involved. It allows for more flexibility and specific provisions according to the particular requirements of the gas storage and secondary recovery project. 3. Long-term Gas Storage and Secondary Recovery Unit Agreement: This agreement type is applicable when parties intend to establish a long-term business relationship, usually with a duration of several years. It includes additional provisions related to pricing, renewals, and termination clauses. 4. Short-term Gas Storage and Secondary Recovery Unit Agreement: When the parties have a temporary or seasonal need for gas storage and secondary recovery services, they may opt for a short-term agreement. Such agreements are designed to cover a specific period, typically ranging from a few months to a year. It is worth noting that the specific terms and sections of Lima Arizona Gas Storage and Secondary Recovery Unit Agreement may vary depending on the negotiation process and the specific industry standards prevalent in the region. Compliance with local regulations, safety standards, and environmental guidelines is crucial in any type of agreement related to gas storage and secondary recovery.
