Juneau, Alaska (KINY) - Today, the Alaska Division of Oil and Gas announced an oil and gas lease sale for all available state acreage across the North Slope region.
Bidding will run from Oct. 20 – Nov. 3, with the winning bids published on Nov. 9.
This will be the 25th North Slope Areawide sale.
Each fall, the State offers all unleased acreage as part of the North Slope region oil and gas sale. Since 1998, these sales have brought in more than $310 million in cash bonuses for the State of Alaska. A portion of these revenues have been deposited into the principal of the Alaska Permanent Fund for the long-term benefit of Alaskans as required by the Constitution, with the remainder appropriated by the Legislature to provide essential public services.
The region is split into three “areawide” sale locations. The first is the North Slope Areawide sale, located in the central region will offer 3.1 million acres on 1,992 tracts.
The second is the Beaufort Sea Areawide sale, comprising the state-owned and managed offshore acreage, will offer nearly 900 thousand acres on 309 tracts.
Lastly, the North Slope Foothills Areawide sale to the south will offer 4.3 million acres on 818 tracts.
Industry lessees currently hold 1.9 million acres on 1,125 leases within the North Slope location and more than 700,000 acres on 255 leases in the Beaufort Sea region. Of those leases, 355 are currently in production and paying royalties to the State.
The department said the sale’s public notice is being posted today to give prospective bidders time to review available tracts and the terms of the sale.