Alaska’s rebatable production tax credit program was created by state legislators to be an incentive for explorers and small producers to invest in oil and gas exploration and production in the state but was hurt by its own success when oil prices dropped. The legislature repealed the program but a queue of valid outstanding credits … Continue Reading
Alaska’s oil and gas production tax has been subject to continuing debate and change as lawmakers and policymakers struggle with balancing budgets in times of volatile oil prices while also encouraging the investment necessary to monetize the state’s resources to run its government, create jobs, build and maintain infrastructure, and promote economic activity. In my … Continue Reading
The Alaska DNR is requesting public comments on its mining regulations for establishing and maintaining mining claims – 11 AAC Chapter 86. These regulations (as well as related regulations at 11 AAC 82 and 11 AAC 88) establish or address many of the requirements for locating claims on state lands, performing assessment work, paying rent, filing production … Continue Reading
Last Tuesday, Alaska voters rejected a referendum proposal that would have repealed oil and gas production tax legislation signed into law by Governor Sean Parnell in May 2013, known the "More Alaska Production" Act.… Continue Reading
Senate Bill 21, which was recently signed into law, significantly alters Alaska’s Oil and Gas Production Tax regime. Although discussions regarding this law have largely been focused on North Slope activity, other areas of the state are also affected. To understand the relevance of the amendments, it is useful to have a basic understanding of … Continue Reading
The State of Alaska has amended state law to provide for extension of the primary term of oil and gas leases on state lands when such extensions are in the best interests of the state. HB 198 authorizes the Commissioners of the Department of Natural Resources (the “Commissioner”) to extend the primary term of an … Continue Reading
The Alaska Oil and Gas Conservation Commission (AOGCC) extended the period for comments on its proposed regulations governing hydraulic fracturing. The deadline for written comments is now April 1, 2013, and the public hearing has been rescheduled to April 4, 2013.… Continue Reading
In his State of the State address on January 16, 2013, Alaska Governor Sean Parnell called for the state to assume primacy for dredge and fill permitting under Section 404 of the Clean Water Act. Two days later, on January 18, 2013, Governor Parnell introduced two bills – Senate Bill 27 and House Bill 78 … Continue Reading
On January 16, 2013, Alaska Governor Sean Parnell introduced proposed legislation that would significantly alter Alaska’s Oil and Gas Production Tax regime. The current law, known as Alaska’s Clear and Equitable Share Act (“ACES”), was enacted in 2007 and is located in Alaska Statutes 43.55.011 et seq. This tax is levied on the net profits … Continue Reading
On December 20, the Alaska Oil and Gas Conservation Commission (AOGCC) released proposed regulations governing hydraulic fracturing. The regulations would require AOGCC approval to conduct fracking activities. For comparison, California recently released a “discussion draft” of potential regulations which would impose certain requirements on fracking operations but would not require additional approval (see California Environmental … Continue Reading
