Sec. 44.88.855. Report to the legislature on Cook Inlet oil and gas development projects.

392 words·~2 min read·/ak/title-44/chapter-88/44-88-855

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(a)The authority shall evaluate oil and gas development projects the authority believes have reasonable potential to increase oil and gas production from the Cook Inlet sedimentary basin. Each year, the authority shall prepare a report related to those oil and gas development projects and shall, by the first day of each regular session of the legislature, deliver the report to the senate secretary and the chief clerk of the house of representatives and notify the legislature that the report is available. At the request of a legislative committee, a representative of the authority shall appear in that committee to review the report. For each oil and gas development project, the report must include

(1)a cost estimate for the project;

(2)the potential recoverable gas from the project;

(3)the projected rate of return for the project;

(4)if the authority recommends a reserve-based loan for the project, the amount of funds necessary for deposit into the Cook Inlet reserve-based lending account to provide a loan for the project and the recommended source of funds for the deposit.

(b)Notwithstanding AS 44.88.215 , 44.88.850(b)(2), or any other law, a borrower's information shall be subject to the public reporting requirements under this section. Each year, the authority shall prepare a report related to Cook Inlet reserve-based loans made under AS 44.88.850 and shall, by the first day of each regular session of the legislature, deliver the report to the senate secretary and the chief clerk of the house of representatives and notify the legislature that the report is available. At the request of a legislative committee, a representative of the authority shall appear in that committee to review the report. The report must

(1)identify each entity borrowing funds under AS 44.88.850 ;

(2)list the amount borrowed by each borrower and the date each loan was approved;

(3)include a summary of the terms of the lending agreement with each borrower;

(4)summarize each project for which a loan was made, including the status of the project and the volume of oil and gas produced and expected to be produced from the project;

(5)list the status of payments made on the loan, including whether the loan is or ever was in default.

Article 12. General Provisions.