Unitization Agreement definition

Unitization Agreement means an agreement between contractors, who hold separate petroleum agreements on blocks that are adjacent or contiguous to each other for purposes of joint development or production of petroleum from a field straddling two or more different contract areas;
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Unitization Agreement is an agreement to consolidate acreage into a Unitized Area for the allocation of production on a basis as defined within the Agreement or Ratification as approved by the Lessor.
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Unitization Agreement means an agreement between the Affected Parties and all Interest Holders in a Straddling Resource to unitize their Interests and to administer and manage that unitized Interest as a single unit as provided in section 5.5. GENERAL‌
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Examples of Unitization Agreement in a sentence

  • Required permits for VPO include the Subsurface Mineral Lease Agreement, Potash Unitization Agreement, Mine Hoist Operating Certificate, Approval to Operate a Pollutant Control Facility, Approval to Dispose of Waste Brine and the Approved Decommissioning and Reclamation Report.

  • Memorandum of Understanding between the Government of the Democratic Republic of East Timor and the Government of Australia concerning an International Unitization Agreement for the Greater Sunrise field, Dili, 20 May 2002.

  • In matters relating to the Joint Petroleum Development Area (JPDA), this Decree Law shall be interpreted and applied consistently with the Timor Sea Treaty, the Sunrise International Unitization Agreement (IUA) and the Treaty on Certain Maritime Arrangements in the Timor Sea (CMATS).

  • Working with Joint Oil and ETAP, the Company finalized the draft Unitization Agreement and submitted it to the DGE before the deadline.

  • The petroleum and natural gas exploitation, development and production rights in the JPDA are shared between Timor-Leste and Australia pursuant to the Timor Sea Treaty and shall be administered by the NPA in accordance with the provisions in the Treaty, the Sunrise International Unitization Agreement (IUA) and the Treaty on Certain Maritime Arrangements in the Timor Sea (CMATS).

  • Under a Unitization Agreement, each mineral rights holder is paid a royalty based on their proportional share of the entire Unit Area regardless of whether or not their lands are actually mined.

  • To treat mineral rights holders in both low extraction and high extraction areas fairly, and to promote good mining practices, a Unitization Agreement is the preferred method for determining royalty payouts.

  • Required permits for VPO include the Subsurface Mineral Lease Agreement, Potash Unitization Agreement, Mine Hoist Operating Certificate, Approval to Operate a Pollutant Control Facility, Approval to Dispose of Waste Brine and the Approved Decommissioning and Reclamation Report.Agrium has recently completed a material expansion of VPO, referred in this AIF as the Vanscoy Project.

  • The Unitization Agreement seeks to provide for that the participating interests in an equitable manner and avoid transit impact on the participating interests and helps to avoid some legal traps.

  • Production rights to the Unit Area are held by partners of the two exploration blocks that Jubilee spans under a special Unitization Agreement.


More Definitions of Unitization Agreement

Unitization Agreement means a voluntary agreement between operators to create
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Unitization Agreement means that certain Old Ocean Field Unitization Agreement dated January 30, 1947, recorded in Vol. 412, Pg. 1, of the Deed Records of Brazoria County, Texas, and in Vol. 176, Pg. 55 of the Deed Records of Matagorda County, Texas.
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Unitization Agreement means an agreement entered into under Article 5 paragraph 15 of the Hydrocarbons Law. ANNEX E
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Unitization Agreement means an agreement providing for the combining of separately owned oil or gas interests in a pool, formation or field to permit the efficient and economical drilling for or production of oil, gas or other unitized substances. O. Reg. 263/02, s. 15 (1).
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Unitization Agreement means an agreement pursuant to section 80 of the Act;
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Unitization Agreement means an agreement between contractors, who hold separate petroleum agreements on blocks that are adjacent or contiguous to each other for
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Related to Unitization Agreement

  • Concession Agreement means the Concession Agreement referred to in Recital (A) above and annexed hereto as Annex-A, and shall include all of its Recitals and Schedules and any amendments made thereto in accordance with the provisions contained in this behalf therein;

  • Connection Agreement means an agreement entered into between a distributor and a person connected to its distribution system that delineates the conditions of the connection and delivery of electricity to or from that connection;