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Alaska north slope oil and gas resources - BOEM 2025

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The document provides instructions for Forms 6323 and 6324 related to the 2017 Alaska LNG Storage Facility Tax Credit. It outlines the purpose of the forms, which are used to claim an income tax credit for qualified LNG storage facilities, report cessation of operations, and calculate any tax increases due to early cessation. The document details how to claim the credit for both corporations and partnerships, required attachments, and specific instructions for reporting credits and tax increases.

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How many barrels of oil are likely under Alaskas North Slope?

Federal areas onshore and offshore may contain up to 40 billion barrels of oil. A U.S. Department of Energy report estimates the recoverable oil reserves on the North Slope to be 22 billion barrels, including reserves from existing fields, as well as undiscovered resources.

How does the State of Alaska make money?

Petroleum. Alaskas proved crude oil reservesabout 3.2 billion barrels at the beginning of 2022are the fourth-largest in the nation. The state has been among the top oil producers for many years.

How much natural gas is on the north slope of Alaska?

The North Slope is also one of the largest natural gas resources in the world. The North Slope contains approximately 35 trillion cubic feet of proven natural gas reserves, and a potential resource of another 200 trillion cubic feet of natural gas.

How much money does Alaska make from oil and gas?

The states total petroleum revenues in the 12 months that ended on June 30 were a little over $3 billion, the forecast said. That total will drop to around $2.2 billion in coming years before starting to rise in the early 2030s.

Do residents of Alaska still get oil money?

The Trans-Alaska Pipeline transports oil, Alaskas most important export, from the North Slope to Valdez. Alaskas main export product after oil and natural gas is seafood, primarily salmon, cod, pollock, and crab.

How much oil is left on the North Slope?

One of the most productive areas in the world for oil remains rich in the resource, ing to the latest USGS assessment. The USGS estimates 3.6 billion barrels of oil and 8.9 trillion cubic feet of natural gas conventional resources in Alaskas Central North Slope.

What is Alaskas main source of income?

The Alaska Permanent Fund sets aside a certain share of oil revenues to continue benefiting current and future generations of Alaskans.

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