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Alaska Relinquishment Provision - Exploratory Well

Category:
Oil Gas and Minerals - Agreements
State:
Multi-State
Control #:
US-OG-717
Format:
Word; 
Rich Text
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Description

This form is used when any party electing not to participate in an exploratory well after the exploratory well has been drilled, relinquish and assign to the Drilling Party or Parties one hundred percent (100%) of its rights, title and interests in the Drilling Unit and the eight (8) Drilling Units directly and diagonally offsetting the Drilling Unit on which the well was drilled.

Title: Understanding the Alaska Relinquishment Provision — Exploratory Well: A Detailed Overview Introduction: The Alaska Relinquishment Provision is a crucial aspect of the state's oil and gas industry. In this article, we will delve into the details of Alaska's exploration wells, explain what the Relinquishment Provision entails, and discuss its significance. We will also highlight the different types of exploratory wells associated with this provision. Keywords: Alaska Relinquishment Provision, exploratory well, oil and gas industry, significance, types 1. The Alaska Relinquishment Provision — Exploratory Well in Oil and Gas Industry: Exploratory wells play an essential role in the oil and gas industry, particularly in Alaska. These wells are drilled primarily in unexplored or frontier areas to assess the potential of discovering new hydrocarbon resources. The Alaska Relinquishment Provision is a policy that governs the timeframes and conditions for operators to relinquish their exploration lease rights if a discovery is not made within a specific period. Keywords: oil and gas industry, Alaska, exploratory wells, hydrocarbon resources, exploration lease rights 2. Understanding the Significance of the Alaska Relinquishment Provision: The Alaska Relinquishment Provision aims to encourage exploration companies to actively explore and develop potential oil and gas resources. It helps prevent lease hoarding and ensures that unexplored areas are made available for other operators to evaluate their prospects. This provision promotes fair competition, ultimately facilitating the efficient development of Alaska's energy resources. Keywords: significance, Alaska Relinquishment Provision, exploration companies, lease hoarding, fair competition, energy resources 3. Types of Alaska Relinquishment Provision — Exploratory Wells: a) Initial Exploratory Well: This type refers to the original well drilled by the operator within the allocated exploration lease. The operator has a specific timeframe to make a commercial discovery; otherwise, they may choose to relinquish the lease to avoid idle holding. Keywords: initial exploratory well, operator, commercial discovery, exploration lease, idle holding b) Follow-up Exploratory Well: In some cases, when initial exploration shows encouraging signs of hydrocarbon presence, operators may opt to drill additional exploratory wells to confirm the existence, extent, and viability of the discovered reserves. The Relinquishment Provision may have modified conditions for such follow-up wells based on previous findings. Keywords: follow-up exploratory well, hydrocarbon presence, discovered reserves, viability, modified conditions c) Extension Provision for Promising Discoveries: In exceptional cases where the exploratory wells yield significant findings, the Relinquishment Provision may offer extensions to the operator's lease, allowing them more time to evaluate the reserves. Extensions depend on the potential commercial value of the discoveries and the level of development activities initiated by the operator. Keywords: extension provision, promising discoveries, commercial value, level of development activities, lease extensions Conclusion: The Alaska Relinquishment Provision — Exploratory Well is a vital component of Alaska's oil and gas industry. It promotes effective resource exploration, prevents lease hoarding, and encourages fair competition among operators. Understanding the different types of exploratory wells associated with this provision is crucial for comprehending the process and impact of exploration activities in the state. Keywords: Alaska Relinquishment Provision, resource exploration, lease hoarding, fair competition, types of exploratory wells

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JUNEAU, Alaska (AP) ? A federal judge on Thursday upheld the Biden administration's approval of the Willow oil-drilling project on Alaska's remote North Slope, a massive project that drew the ire of environmentalists who had accused the president of backpedaling on his pledge to combat climate change.

The case for drilling is straightforward. Alaskan oil would help to reduce U.S. dependence on foreign sources subject to disruptions caused by the volatile politics of the Middle East. Also, most of the infrastructure necessary for transporting the oil from nearby Prudhoe Bay to major U.S. markets is already in place.

Conservationists said that oil development would unnecessarily threaten the existence of the Porcupine caribou by cutting off the herd from calving areas. They also expressed concerns that oil operations would erode the fragile ecological systems that support wildlife on the tundra of the Arctic plain.

The climate and environmental impacts of Willow Once passed, the 1.5 degree-tipping point would precipitate a cascade of devastating effects, including rising sea levels and extreme heat waves, that could lead to millions of deaths worldwide by the end of the century.

Oil Spills: On average, spills from platforms, pipelines, tankers, and coastal facilities release 157,000 barrels of oil every year. This poses an unjustifiable risk to the Bay, our coasts, and the economy. Toxic Pollution: Normal offshore drilling operations release toxic pollution into the air and water.

As the climate crisis warms the Arctic more than twice as fast as the rest of the world, we have a responsibility to protect this treasured region for all ages,? Biden said in a statement. His actions ?meet the urgency of the climate crisis? and will ?protect our lands and waters for generations to come,? Biden said.

Unpredictable ice conditions, and months of darkness mean there's no easy way to keep an oil spill from damaging ecosystems and wiping out wildlife. That's a big concern because there is still no proven way to clean up a spill in the Arctic's frigid waters.

On November 9, 2023, U.S. District Court Judge Sharon Gleason upheld the Biden administration's approval of the Willow project and rejected claims by an Inupiat group and environmentalists against it. Earthjustice, one of the organizations bringing the lawsuit, has announced its attention to appeal the decision.

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If yes, select 10% of lands currently in the license area for relinquishment (not to exceed. 50% of original license area), and attach a listing and a ... A well drilled as part of an exploration drilling program which is carried out to determine the physical extent, reserves and likely production rate of a field.The initial expiration date must not be less than one year from the effective date of the LC. The LC must contain a provision for automatic renewal for periods ... Sep 29, 2023 — Proposed relinquishment of State of Alaska (State) surface estate selection while retaining the State's subsurface selection on all minerals ... Sep 8, 2023 — The Bureau of Land Management (BLM) is proposing a new rule to govern the management of surface resources and Special Areas in the National ... 01 exploration licenses by one licensee under AS 38.05.131(e), an area of not less than 02 20,000 acres and not more than 500,000 acres, that must be reasonably ... Mar 13, 2023 — The Department is substantially reducing the size of the project by denying two of the five drill sites proposed by ConocoPhillips, which is ... 990 apply to the issuance of oil and gas exploration licenses and leases under AS 38.05.132 - 38.05.134. (b) The provisions of AS 38.05.131 - 38.05.134 do not ... (A) 25 percent must be relinquished, removed, or deleted not later than the fourth anniversary of the effective date of the issuance of the exploration license;. Biodegradable liquid paraffin is used to fill the streamer and provide buoyancy. ... After a field is discovered by an exploratory well, an operator will use ...

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