Unit Agreements"Unitization" means the combining or consolidation of separately owned lease interests for joint exploration or development of a reservoir or potential hydrocarbon accumulation under the terms of a Unit Agreement. Under 30 CFR 250 Subpart M regulations, the Bureau may approve or require unitization for the conservation of the natural resources of the Outer Continental Shelf, prevention of waste, and/or protection of correlative rights, including the protection of Federal royalty interests. Unitization may also promote and expedite exploration and development. Unitization combines or consolidates leases or portions of leases under the terms of a Unit Agreement.
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