
269
M
Mils per Year
Midstream (Operations): The area between upstream and downstream
operations. Usually includes pipelines.
Midterm Gas Contract: A supply contract in the physical market covering
gas deliveries up to 18 months, although most midterm contracts are for
1year or less. These contracts can be characterized by (1) variable prices,
where the cost of the commodity is indexed over time to the future price
of some published spot price; (2) xed reservation fee and service fee; and
(3)mainly xed volumes per day or per month with modest variation. These
contracts are of long enough term to hedge price risk with nanc ...