CSHB 380(FIN): "An Act relating to a temporary reduction of royalty on oil and gas produced for sale from certain fields within the Cook Inlet sedimentary basin."
00CS FOR HOUSE BILL NO. 380(FIN) 01 "An Act relating to a temporary reduction of royalty on oil and gas produced 02 for sale from certain fields within the Cook Inlet sedimentary basin." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 38.05.180(f) is amended by adding a new paragraph to read: 05 (5) notwithstanding and in lieu of a requirement in the leasing method 06 chosen of a minimum fixed royalty share, or the royalty provision of a lease, for leases 07 unitized as described in (p) of this section, leases subject to an agreement described 08 in (s) or (t) of this section, or interests unitized under AS 31.05, the lessee of all or 09 part of an oil or gas field identified in this section shall, provided production for sale 10 begins before January 1, 2004, pay a royalty of five percent on the first 25,000,000 11 barrels of oil and the first 35,000,000,000 cubic feet of gas produced for sale from that 12 oil or gas field that occurs in the 10 years following the date on which the production 13 for sale commences; the fields eligible for royalty reduction under this paragraph, all 14 of which are located within the Cook Inlet sedimentary basin, were discovered before
01 January 1, 1988, and have been undeveloped or shut in from at least January 1, 1988, 02 through December 31, 1997, are: 03 (A) Falls Creek; 04 (B) Nicolai Creek; 05 (C) North Fork; 06 (D) Point Starichkof; 07 (E) Redoubt Shoal; and 08 (F) West Foreland.