Alaska Due Diligence Overview Oil and Gas Properties
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How to fill out Due Diligence Overview Oil And Gas Properties?
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FAQ
ANWR is the largest oil reserve in North America . If we have it than we should use it, especially since it is needed more than ever before. Drilling will also increase oil revenues for the state of Alaska , which is a huge benefit. And drilling oil in ANWR could possibly lower gas prices at the pump.
The oil industry accounts for one-quarter of Alaska jobs and about one-half of the overall economy when the spending of state revenues from oil production is considered. In other words, without oil, Alaska's economy would be half its size.
Why is Arctic drilling good? Proponents of Arctic drilling argue that it can provide a significant source of domestic energy and reduce dependence on foreign oil. In addition, the oil and gas industry can create jobs and stimulate economic growth in the regions where drilling takes place.
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.
For an oil and gas company, due diligence provides insight into the titles and leases for the various properties, wells, and tracts of land used by the seller. The selling company puts forth data that says, ?I own this, I want to sell it, and someone wants to buy it.?
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.
Oil exploration operations have discovered up to 30 billion barrels of oil and many trillions of cubic metres of gas below the Beaufort Sea and Arctic Ocean, which could be exploited, opening up thousands of job opportunities and generating billions of dollars for the Alaskan economy.
Nearly 85 percent of the state budget is supplied by oil revenues. The fortunes of Alaska's oil industry, and therefore many sectors of the economy, are dependent upon world oil prices. Oil was discovered in Prudhoe Bay, on the arctic coast, in 1968. Pipeline construction began in 1974 and was completed in 1977.