Alaska Production and Storage Unit Agreement

State:
Multi-State
Control #:
US-OG-1092
Format:
Word; 
Rich Text
Instant download

Description

This form of Agreement may be used to create a Unit for the purposes of producing oil and gas on a pooled unit basis, from existing producing leases.
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  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement
  • Preview Production and Storage Unit Agreement

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FAQ

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.

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Alaska Production and Storage Unit Agreement