This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Alaska Reservation of Additional Interests in Production
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Multi-State
Control #:
US-OG-819
Format:
Word;
Rich Text
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FAQ
The Strategic Petroleum Reserve (SPR), the world's largest supply of emergency crude oil was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program.
Over 13 million acres in the National Petroleum Reserve-Alaska (NPR-A), a vast swath of land on Alaska's North Slope, will be off limits to oil and gas drilling, following up on a proposal earlier this year.
In 1976, Congress passed the Naval Petroleum Reserves Production Act authorizing full commercial development of the Reserves. The crude oil, natural gas, and liquid products produced from the Reserves were sold by DOE at market rates.
A total of $12.5 billion from 2022 emergency sales was diverted from the SPR account to cover the resulting federal budget shortfall. That left $4.7 billion to refill the SPR, of which $452 million was spent to acquire 6.2 mb in June 2023.
Most privately owned lands in Alaska are subject to split estate laws. This means landowners whose properties are located in areas licensed or leased for oil or gas exploration or development may own surface rights, but not subsurface rights.
The National Petroleum Reserve-Alaska (NPR-A) is a roughly 23.4 million acre area of Federal land managed by the Bureau of Land Management. It lies in northwest Alaska and borders both the Chukchi Sea to the west and the Beaufort Sea to the north.