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.
Description: The Wake North Carolina Gas Storage and Secondary Recovery Unit Agreement, commonly referred to as the Wake NC Gas Storage Agreement, is a legal contract entered into by parties involved in the gas storage and secondary recovery industry in Wake, North Carolina. This agreement establishes the terms and conditions for the operation, maintenance, and utilization of gas storage facilities and secondary recovery units in the region. The Wake NC Gas Storage Agreement serves as a comprehensive framework governing the rights and responsibilities of the parties involved. It outlines the technical specifications, storage capacities, and operating guidelines for gas storage facilities within the Wake area. Additionally, it establishes the conditions under which secondary recovery methods can be employed to maximize gas extraction efficiency. Keywords: Wake North Carolina, gas storage, secondary recovery, agreement, legal contract, operation, maintenance, utilization, facilities, region, technical specifications, storage capacities, operating guidelines, gas extraction efficiency. Different Types of Wake NC Gas Storage and Secondary Recovery Unit Agreements: 1. Long-term Storage Agreement: This type of agreement is entered into between gas storage providers and end-users, typically for extended periods, such as several years. It outlines the terms regarding capacity allocation, injection and withdrawal rights, pricing mechanisms, and other relevant operational details. 2. Interconnection Agreement: The Wake NC Gas Storage Interconnection Agreement governs the terms and conditions for allowing third-party gas storage companies to interconnect their facilities with storage units operated under the primary agreement. It covers technical requirements, metering arrangements, and other considerations for seamless integration. 3. Operating Agreement: Entities or individuals involved in the day-to-day management and operation of Wake NC gas storage facilities and secondary recovery units would enter into an Operating Agreement. This agreement focuses on the operational aspects, safety protocols, emergency response procedures, and environmental compliance requirements. 4. Joint Venture Agreement: In some cases, multiple parties may jointly invest in the development and operation of Wake NC gas storage and secondary recovery units. These joint venture agreements outline the ownership percentages, financial obligations, decision-making processes, and profit-sharing arrangements among the participating entities. 5. Expansion Agreement: When gas storage facilities or secondary recovery units undergo expansion or modification, the Wake NC Gas Storage Expansion Agreement is used. This agreement covers changes in storage capacity, infrastructure upgrades, regulatory approvals, and any additional terms related to the expansion project. Keywords: long-term storage agreement, interconnection agreement, operating agreement, joint venture agreement, expansion agreement, gas storage providers, end-users, interconnect, facilities, technical requirements, metering arrangements, operational aspects, safety protocols, emergency response procedures, environmental compliance, ownership percentages, financial obligations, decision-making processes, profit-sharing arrangements, expansion, modification, infrastructure upgrades, regulatory approvals.Description: The Wake North Carolina Gas Storage and Secondary Recovery Unit Agreement, commonly referred to as the Wake NC Gas Storage Agreement, is a legal contract entered into by parties involved in the gas storage and secondary recovery industry in Wake, North Carolina. This agreement establishes the terms and conditions for the operation, maintenance, and utilization of gas storage facilities and secondary recovery units in the region. The Wake NC Gas Storage Agreement serves as a comprehensive framework governing the rights and responsibilities of the parties involved. It outlines the technical specifications, storage capacities, and operating guidelines for gas storage facilities within the Wake area. Additionally, it establishes the conditions under which secondary recovery methods can be employed to maximize gas extraction efficiency. Keywords: Wake North Carolina, gas storage, secondary recovery, agreement, legal contract, operation, maintenance, utilization, facilities, region, technical specifications, storage capacities, operating guidelines, gas extraction efficiency. Different Types of Wake NC Gas Storage and Secondary Recovery Unit Agreements: 1. Long-term Storage Agreement: This type of agreement is entered into between gas storage providers and end-users, typically for extended periods, such as several years. It outlines the terms regarding capacity allocation, injection and withdrawal rights, pricing mechanisms, and other relevant operational details. 2. Interconnection Agreement: The Wake NC Gas Storage Interconnection Agreement governs the terms and conditions for allowing third-party gas storage companies to interconnect their facilities with storage units operated under the primary agreement. It covers technical requirements, metering arrangements, and other considerations for seamless integration. 3. Operating Agreement: Entities or individuals involved in the day-to-day management and operation of Wake NC gas storage facilities and secondary recovery units would enter into an Operating Agreement. This agreement focuses on the operational aspects, safety protocols, emergency response procedures, and environmental compliance requirements. 4. Joint Venture Agreement: In some cases, multiple parties may jointly invest in the development and operation of Wake NC gas storage and secondary recovery units. These joint venture agreements outline the ownership percentages, financial obligations, decision-making processes, and profit-sharing arrangements among the participating entities. 5. Expansion Agreement: When gas storage facilities or secondary recovery units undergo expansion or modification, the Wake NC Gas Storage Expansion Agreement is used. This agreement covers changes in storage capacity, infrastructure upgrades, regulatory approvals, and any additional terms related to the expansion project. Keywords: long-term storage agreement, interconnection agreement, operating agreement, joint venture agreement, expansion agreement, gas storage providers, end-users, interconnect, facilities, technical requirements, metering arrangements, operational aspects, safety protocols, emergency response procedures, environmental compliance, ownership percentages, financial obligations, decision-making processes, profit-sharing arrangements, expansion, modification, infrastructure upgrades, regulatory approvals.
