Alaska Option Agreement to Purchase Producing Oil and Gas Properties
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How to fill out Option Agreement To Purchase Producing Oil And Gas Properties?
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From these reseources, Alaska accounts for roughly one fifth of the nation's daily crude oil production, or almost 1 million barrels per day from over 1,800 active wells.
Benefits of Oil & Gas to Alaska The oil and gas industry is vital to Alaska. In addition to thousands of well-paying jobs and billions in state revenue for the PFD and essential services, the industry contributes significantly to social and educational programs throughout the state each year.
The Political Cost of the Benefit Is High. Oct. 5, 2023, at a.m. JUNEAU, Alaska (AP) ? Nearly every Alaskan will receive a $1,312 check starting this week, their annual share from the earnings of the state's nest-egg oil fund.
While royalties on oil and gas produced from state territory generally hover between 12.5% and 16.67%, state law gives the commissioner of the Department of Natural Resources the authority to vary those terms if doing so is deemed in the state's best interest.
Economy of Alaska StatisticsGDP$63,618,000,000GDP per capita$68,919Population below poverty line15.7%Gini coefficient.4241 ± 0.01046 more rows
Crude oil production in Alaska averaged 448,000 barrels per day (b/d) in 2020, the lowest level of production since 1976. Last year's production was over 75% less than the state's peak production of more than 2 million b/d in 1988.
Oil production has been the engine of economic growth in Alaska. It has funded up to 90 percent of the state's unrestricted General Fund revenues in most years and has accounted for over $180 billion in total revenue since statehood.
Texas: More than 1.8 billion barrels of crude oil produced, or 42.4% of total US production. New Mexico: More than 574 million barrels of crude oil produced, or 13.2% North Dakota: More than 386 million barrels of crude oil produced, or 8.9% Alaska: More than 159 million barrels of crude oil produced, or 3.7%