Louisiana is home to various natural resources that are needed by the United States and sought after by certain companies. Oil and gas, for example, can be found in abundance here. Those who are landowners of property where these substances are located may find themselves dealing with a number of legal issues. Having an attorney who has experience with oil and gas law can be beneficial when these issues arise.
According to current laws, oil and gas on any given property belong to the property owner. If that individual would like to allow oil and gas companies to drill on the property, that would be well within his or her right. There is a right way to go about doing this, however. In order to make sure one get a fair deal, a lease agreement should be drafted and signed by all involved parties, and the lease document should be fairly detailed as to what is expected of both parties.
For anyone who wants to mine their own property, that is always a possibility, but the proper permits need to be obtained before doing so. If permits are approved and mining produces oil and gas, rules of capture allow the landowner to keep what is found. Correlative rights require that landowners perform any mining without negligence or waste -- meaning all work done cannot violate oil and gas industry rules of conduct.
Oil and gas law can be complex and confusing. This is particularly true for landowners who may not know a lot about this particular industry. Louisiana residents who find out they own property with oil and gas reserves below ground can help themselves by seeking out legal counsel in order to determine how to get the most out of their property.
No Comments
Leave a comment