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 Use of Produced Oil Or Gas by Lessor
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Multi-State
Control #:
US-OG-839
Format:
Word;
Rich Text
Instant download
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How to fill out Use Of Produced Oil Or Gas By Lessor?
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FAQ
- Lessor -The owner of the minerals that grants the lease. - Lessee -The oil and gas developer that takes the lease. - Primary Term-Length of time the Lessee has to establish production by drilling a well on the lands subject to the lease. Generally, primary terms run from one to ten years.
A royalty is the percentage of revenue paid to the federal government by energy companies from the sale of oil, gas, or coal extracted from the nation's public lands. The current royalty rate officially charged for oil, gas, and coal drilled or mined from U.S. public lands is 12.5 percent.
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.
Alaska residents have been receiving annual dividend payments from the state's Permanent Fund for 41 years, but the 2022 payout is one of the largest in history. Every resident received $3,284 this year, with most payments issued in September and October.
More than any other state, Alaska is dependent on oil. As much as 85% of the state's unrestricted general fund revenue comes from oil production, ing to state estimates. In some years, it has been well over 90%. But oil production has been in long-term decline in the state, which was once America's No.
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.
Alaska's oil royalty rate varies ing to the terms of the lease agreement. It can range from 5% to 60% but is most often 12.5%. Some leases receive royalty rate reductions for new discoveries or economic considerations.
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.
