This form is an agreement used when the Owner is the owner of oil and gas properties consisting of producing mineral, royalty, overriding royalty, and working interests, and/or leased and unleased nonproducing mineral and royalty interests, all collectively referred to in this Agreement as the Properties. Owner desires to engage the services of Manager to advise and assist Owner in the management of the Properties, and Manager is willing to undertake those responsibilities in accordance with this Agreement.
Alaska Oil Gas Service Agreement for Management of Properties
Category:
State:
Multi-State
Control #:
US-OG-629
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Oil Gas Service Agreement For Management Of Properties?
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FAQ
The oil and gas industry is the largest component of Alaska's 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.
The Alaska offshore is estimated to offer an average (mean) potential for undiscovered, conventionally recoverable oil of 24 billion barrels, with a 5-percent chance of oil resources exceeding 34 billion barrels.
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.
Natural gas is the largest source of electricity generation in Alaska. In 2021, it accounted for more than 40 percent of the power generated in the U.S. state.
Alaska has long been known for its abundant supply of natural resources, and these resources have a long history of supplying revenue for the state.
Alaska's present-day economy is based on oil production, fishing, federal and state (both civilian and military) expenditures, research and development, and tourism.
Alaska does not levy a general sales tax or an individual income tax. However, some localities levy general sales taxes. After federal transfers, Alaska's largest sources of per capita revenue were property taxes ($2,329) and charges ($2,147), such as state university tuition and highway tolls.
Most of Alaska's crude oil production?typically over 95%?occurs on the North Slope. The Trans-Alaska Pipeline System, which began operating in 1977, transports crude oil 800 miles from the frozen North Slope to the warm-water port at Valdez, on Alaska's southern coast.
