Why is Training Being Offered?
One of the most important assets of the State of Alaska is its petroleum resources. The oil and gas industry, along with the associated jobs, taxes, and royalty, form a vital part of the economy of the state, with active operations from the Cook Inlet all the way to the North Slope. Since the opening of TAPS in 1977, approximately 18 billion barrels of oil have been produced and over $140 billion in tax and royalty payments have been made to the State of Alaska. The producers have also been rewarded for their risks, creating a win-win situation.
Oil and gas will remain very important to Alaska’s future and issues related to oil and gas will continue to come before the Legislature. The Legislative Budget and Audit Committee (LB&A), via their consultants IN3NERGY, will be offering training sessions for all legislators and staff. Being more informed allows valuable committee time to be focused on the specific, current issues at hand and not on general industry background.
Petroleum Fiscal Policy 103
This three-hour workshop is the third installment and a continuation of the LB&A-sponsored training on petroleum fiscal systems. This workshop will take a deeper look into the structure and mechanisms of Alaska’s petroleum taxation, specifically focusing on the North Slope which produces the vast majority of the state’s oil revenue. Section topics include looking in detail at the order of operations and how that compares to the Lower 48 and other select regimes, reviewing a timeline of Alaska’s tax changes and whether they achieved intended results, and finishing with a deeper look at how producers run project economics with mechanisms that other regimes use to successfully attract capital.
Dates and Times
Two sessions of Petroleum Fiscal Systems 103 will be offered on Saturday, February 29. One session will take place in the morning (9am – noon) and one in the afternoon (1pm – 4pm), each with the same material. The training will take place in the Terry Miller Building gym.
RSVP: Legislators and Legislative Staff Only
Understanding petroleum fiscal policy is not easy. There are so many nuances or different circumstances that are informative, but too numerous to cover in the workshops. As such, we have set aside several time slots for private discussion sessions with legislators and staff. This is an opportunity for legislators and staff to meet with IN3Nergy:
- in small groups; and/or
- with majority and minority caucuses from both chambers.
These sessions will allow the time and space that might not be available in a workshop to ask questions, cement understanding of concepts, delve further into issues of particular interest, examine how a certain “change” to existing legislation would be perceived, or just gather more information. You can schedule one of these sessions by contacting LB&A Chair Representative Chris Tuck (Rep.Chris.Tuck@akleg.gov / JNU: 465-2095) and/or his staff, Jeff Stepp (email@example.com / JNU: 465-3721).
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