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;

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

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.

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

Examples of Unitization Agreement in a sentence

Participation in royalties from a unitized area, or rent abatements, shall be in accordance with the Unitization Agreement.
At the Lessor's option, rent may be abated in accordance with specific terms contained within a Unitization Agreement which has been approved in writing by the Lessor.
If the Affected Parties and any Interest Holders are unable to reach agreement on a Unitization Agreement within 90 days of the date of delivery of a notice pursuant to subsection 5.5(d) or subsection 5.5(e), an Affected Party may request that the matter be resolved by an Independent Expert in accordance with the procedure set out in Article 6.
Where there is common ownership holding exclusive Interests in more than one jurisdiction for the entire Straddling Resource, the Affected Parties shall require the holder of those Interests to conclude a Unitization Agreement with the Affected Parties.
An Affected Party or an Interest Holder shall have the right to request a redetermination of the allocation of production of the Straddling Resource between or among the Offshore, Inuvialuit Lands, and the Onshore outside of Inuvialuit Lands, as applicable, or one or more of the elements set out in this section 5.5 according to conditions specified in the Unitization Agreement.
Seller hereby covenants and agrees to and with Buyer, that in the event Buyer's interest in the production of oil, gas and/or other minerals in lands which Buyer retained pursuant to the Mobil Term Assignment is to be reduced for any reason as a result of the Unitization Agreement, Seller shall execute an additional assignment or assignments to Buyer covering a sufficient amount of Seller's interest in the Properties to prevent such interests of Buyer from being reduced.
Act of Acknowledgment, Acceptance, Adoption and Ratification of Unitization Agreement, effective September 1, 1995.
Unitization Agreement dated February 23, 1983, among Texaco, Inc., et al, for the L 4400’ RAC SU.
The Amendment Agreement shall enter into force and become part of the Unitization Agreement when signed by all Parties and approved by the Ministry of Petroleum and Energy.
No development plan shall be approved or consented to prior to a Unitization Agreement being concluded.

More Definitions of Unitization Agreement

Unitization Agreement means a voluntary agreement between operators to create

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.

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).

Unitization Agreement means an agreement pursuant to section 80 of the Act;

Unitization Agreement means an agreement entered into under Article 5 paragraph 15 of the Hydrocarbons Law. ANNEX E

Unitization Agreement means an agreement between contractors, who hold separate petroleum agreements on blocks that are adjacent or contiguous to each other for