This is a form dealing with the Over-Production and Under-Production of Gas, the event Assignor's gas production, if any, from the Assigned Property is in excess of or less than Assignor's interest in the Property, then Assignee shall acquire Assignor's interest subject to that over-production or under-production.
Alaska Over-Production and Under-Production of Gas
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Multi-State
Control #:
US-OG-502
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Word;
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FAQ
Petroleum. Alaska's proved crude oil reserves?about 3.2 billion barrels at the beginning of 2022?are the fourth-largest in the nation. Alaska was among the top five oil-producing states for many years.
Alaska still has plenty of oil in the ground. But output has been falling due to a lack of sufficient investment to offset natural production declines. Investors have been shifting their focus to what they perceive to be more profitable alternatives, especially shale and tight-oil basins in the Lower 48.
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.
Greenhouse and nursery crops are the fastest-growing agricultural segment in the Last Frontier State, with other important commodities including hay, dairy, potatoes, and cattle and calves. Alaska farmers also produce reindeer, wool, antlers, velvet, bison and yak, among others.
There are three reasons for the decelerating production: declining productivity of wells, the conservative investment strategy of producers amid a shift in focus to capital discipline, and the rising cost of oilfield services.
Oil production in Alaska has dropped approximately 75 percent since hitting a peak of more than two million barrels per day (bpd) in 1988. North Slope production averaged 496,906 bpd in FY 2019. North Slope production is expected to decline to 486,400 bpd in FY 2020 and edge up to 486,500 bpd in FY 2021.
After celebrating 45 years of operations in 2022, TAPS remains a testament to the powerful spirit that has helped write Alaska's history while continuing to fuel the state's future and transporting 3.86 percent of the nation's oil production.
