Unitization 5
Unitization 5 : Unitization is the process whereby the owners of adjoining properties pool their reserves and form a single UNIT for the operation of the properties by only one of the owners. The production from the UNIT is then divided on the basis established in the UNIT AGREEMENT. The purpose of such agreement is to produce the reserves more efficiently, increasing the recovery for every participant. Important where enhanced recovery is anticipated. (ITOGP)
No records Found