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 Taking Or Marketing Royalty Oil and Gas in Kind
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US-OG-833
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FAQ
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.
The political cost of the benefit is high. JUNEAU, Alaska (AP) ? Nearly every Alaskan will receive a $1,312 check starting this week, their annual share from the earnings of the state's nest-egg oil fund.
A landowner can also insert a clause in the lease to take royalty either ?in kind? or ?in value.? Taking royalty ?in kind? means that the Lessor can take physical possession of the oil, gas or liquids once they leave the ground, and he may market the production himself.
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 also collects a relatively large amount of revenue from severance taxes, which are taxes on the extraction of natural resources such as oil and natural gas.
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.
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.
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.