An Alaska Production and Storage Unit Agreement (APA) is a legally binding contract between parties involved in the exploration, development, production, and storage of oil and gas resources in the state of Alaska, United States. This agreement is crucial in facilitating efficient and coordinated operations to maximize resource extraction, minimize environmental impact, and ensure fair distribution of revenues among the involved parties. The APA regulates the establishment of Production and Storage Units (Plus), which are designated areas within a hydrocarbon reservoir. Each PSU consists of one or more participating oil and gas fields and associated production facilities, including gathering systems, pipelines, and storage facilities. The agreement outlines the rights, obligations, and responsibilities of the parties within these Plus. The APA typically involves the following key stakeholders: 1. Operators: These are the companies responsible for managing and operating the Plus. They are often oil and gas companies with expertise in exploration, production, and field operations. 2. Working Interest Owners: These are the entities that hold a share of the working interest in the Plus. Working interest represents ownership in the hydrocarbon resources and the responsibility for costs and liabilities associated with exploration, development, and operations. 3. Royalty Owners: These are individuals or entities entitled to a share of the production's value, usually government entities or indigenous groups. Royalty owners receive a predetermined percentage of the production's revenue. 4. Regulatory Authorities: Government institutions responsible for overseeing the oil and gas industry in Alaska, including ensuring compliance with environmental regulations, safety standards, and revenue sharing agreements. Types of APA: 1. Field-Specific APA: This agreement focuses on a specific field or multiple fields within a single PSU. It outlines the terms and conditions specific to the development and operation of those fields. 2. Area-Wide APA: This agreement encompasses a larger area and multiple fields or Plus. It provides a framework for the coordination and cooperation between operators and relevant stakeholders across the designated area. 3. Development and Storage APA: In some cases, oil and gas fields may be associated with underground storage facilities, such as natural gas storage. This type of APA governs the development, production, and storage activities while considering specific regulatory requirements for storage operations. The Alaska Production and Storage Unit Agreements serve as a vital instrument for managing oil and gas activities, promoting efficient resource extraction, and safeguarding the interests of all involved parties. These agreements foster collaboration, minimize conflicts, and ensure compliance with regulatory frameworks, ultimately contributing to Alaska's economy and energy security.
Alaska Production and Storage Unit Agreement
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How to fill out Alaska Production And Storage Unit Agreement?
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It is required before you can legally operate your LLC. An operating agreement is not required under Alaska law.
The Arctic Alaska (onshore) province is endowed with original oil reserves of 16.4 billion barrels and a discovered total of 70 billion barrels of oil in place. The Arctic Alaska (onshore) province produces about 1.5 million barrels per day and accounts for nearly 25 percent of all current U.S. daily oil production.
The AOGCC approves drilling plans submitted with an application for Permit to Drill. The permit application is reviewed by the Commission's professional staff and the approval process typically takes 5 working days for a routine oil and gas production or injection well.
To own oil or any other mineral coming from your land, you must have mineral rights in addition to your property rights. In other countries, the government has a sovereign claim over all mineral rights. In the United States, private individuals can own mineral rights, unless already reserved by the government.
The oil and gas industry has repeatedly failed to prevent or contain disastrous oil spills on Alaska's coast. The infamous Exxon Valdez oil spill in 1989 poisoned Alaska's beaches and wildlife, and significantly harmed Alaska's Indigenous communities.
The entire well construction process ? including hydraulic fracturing ? takes about two or three months.