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A storage lease issued under AS 38.05.180 (u)
(1) does not give the storage lessee any right to drill for, develop, produce, extract, remove, or market oil, gas or other natural resources in and from the land covered by the storage lease other than oil or gas or both in an amount not greater than the amount of oil or gas both introduced into that land for storage;
(2) does not prohibit the state from issuing oil and gas leases to others covering all or portions of the land covered by the storage lease;
(3) must contain conditions that will prevent unnecessary or unreasonable interference with the rights and operations under any oil and gas lease, including conditions prohibiting the storage of oil or gas in any reservoir capable of producing oil or gas in paying quantities without the consent of the holder of any oil and gas lease covering the reservoir;
(4) must contain a damage provision as stated in sec. 160 of this chapter and the reservations provided for in sec. 155 of this chapter;
(5) must provide for a storage fee or rental on stored oil or gas or both, as determined by the commissioner;
(6) must specify its terms; and
(7) must contain any other provision that the commissioner considers reasonable and necessary to protect the interests of Alaska.
History: Eff. 9/5/74, Register 51; am 7/22/79, Register 71
Authority: AS 38.05.020
AS 38.05.145 (a)
AS 38.05.180 (u)
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Last modified 7/05/2006