Gas Balancing Agreements Clause Samples
A Gas Balancing Agreement is a contractual provision that governs how parties sharing a common gas reservoir or pipeline system manage imbalances between the amount of gas each party produces, delivers, or consumes. These agreements typically outline procedures for tracking individual entitlements, reconciling over- or under-production, and settling imbalances through cash payments or future gas deliveries. The core function of a Gas Balancing Agreement is to ensure fairness and operational efficiency by preventing disputes and providing a clear mechanism for resolving differences in gas allocation among stakeholders.
Gas Balancing Agreements. Parent and Borrower will not, nor will Parent and/or Borrower permit any other Credit Party to, incur, become or remain liable for any Material Gas Imbalance.
Gas Balancing Agreements. The Company is not party to any gas balancing agreements.
Gas Balancing Agreements. The Operator may enter into Agreements for the Provision of Balancing Services with Users or third parties for the supply and delivery to the NNGS or the sale and receipt from it of Natural Gas Quantities, within the framework of the carrying out of Balancing Actions by the Operator (Balancing Services Agreements). The Balancing Services Agreements are concluded following approval by the RAE of the Annual Gas Balancing Planning, either following a relevant tender conducted by the Operator, or according to the provision of paragraph [1] of Article 91 of the Law. The Balancing Services Agreements will mainly set out the following:
Gas Balancing Agreements. The interests of Assignor in the leasehold working interests in the Leases currently may be subject to gas balancing agreements that permit an owner of the leasehold working interest to store its proportionate share of Gas while the other owners are permitted to take gas that is greater than their proportionate share (a "Gas Balancing Arrangement"). Subject to the terms of this Section 4.4, Assignor shall have the right and power to commit its leasehold working interests in the Leases to future Gas Balancing Arrangements. The ORRI is and shall be bound by and subject to the terms of and provisions thereof. In the event that Assignor is or becomes an underproduced party under any present or future Gas Balancing Arrangement, the ORRI shall not be payable to Assignee with respect to any Gas attributable to the interest of Assignor that is deemed to be stored under the terms of such Gas Balancing Arrangement. In addition, in the event that Assignor becomes an overproduced party under any present or future Gas Balancing Arrangement, then the ORRI shall not be payable to Assignee with respect to any portion of the Gas taken by an underproduced party as "make-up" Gas that would otherwise be attributable to the interest of Assignor. The ORRI shall be payable with respect to any "make-up" Gas taken by Assignor as a result of its underproduction, any cash received by Assignor as a balancing of accounts either as an interim balancing or at the depletion of the reservoir, and any overproduction that Assignor receives as an underproduced party.
Gas Balancing Agreements. The Operator, within the framework of its responsibilities, according to the provisions of Article 68(2)(c) of the Law, may enter into agreements with Users or third parties for the supply and delivery to the NNGTS or the sale and receipt from it of Natural Gas Quantities, within the framework of the carrying out of Balancing Actions by the Operator (Gas Balancing Agreements). The Gas Balancing Agreements are entered following approval by RAE of the Annual Gas Balancing Planning, either following a relevant competition conducted by the Operator, or according to the provision of paragraph [1], Article 91 of the Law. The Gas Balancing Agreements specify particularly: (a) The rights and obligations of the contracting parties, (b) the obligation of the counter-parties of the Operator to adapt the Supply as per which they deliver or receive Natural Gas to and from the NNGTS, according to the Operator instructions, in the framework of Balancing Actions and (c) the price to be paid by the Operator or his counter- party, depending on the case, for the Quantity of Natural Gas received, according to the terms of the Agreement and within the framework of the Balancing Action. The Gas Balancing Agreements that relate to the supply and delivery of Natural Gas Quantities to the NNGTS, may provide the payment by the Operator to the counter-party of the unit price applied to the Natural Gas Quantity that is delivered to the NNGTS and which may be modified regularly during the Year, as well as a fixed price, payable once or at installments, which corresponds to the fixed expenses of the counter-party for the availability of natural gas for Balancing, according to the terms of the Agreement.
Gas Balancing Agreements. There are no gas balancing agreements or other agreements, relationships or arrangements of any type, whether written or oral, to which the interests of Borrower in the Leases and Hydrocarbons are subject, that would at any time prevent Borrower from producing and selling for its own account its share of Hydrocarbons or receiving payment at the full sales price for its share of Hydrocarbons as and when Hydrocarbons are produced and sold.