The Economic Costs and Benefits to the State and Other Relevant Factors Sample Clauses

The Economic Costs and Benefits to the State and Other Relevant Factors. Approval of the Agreement in combination with the Initial XXX will result in both short- term and long-term economic benefits to the state. The assessment of the hydrocarbon potential of the leases will create jobs in the short-term. If the WIOs make a commercial discovery and begin development/production from the NE Storms Unit, the state will earn royalty and tax revenues over the long-term life of the field. The Initial XXX with the agreed-to terms and conditions advances exploration and evaluation of the prospects in the expansion area sooner than would occur under any individual lease exploration effort. Some of the leases in the proposed unit area will expire on October 31, 2005, if they are not extended by unitization. If the leases expire, the leasehold interest will return to the state. The earliest that DNR could re-offer the land, under the current Five-Year Oil and Gas Lease Sale Schedule, is February 2006. There is no certainty that anyone would bid on the tracts or pursue exploration of this area. If DNR leased the tracts again in 2006, the state would receive bonus payments and rentals for the primary term of the new leases. However, it could be years before the new lessees would propose exploration of the area. Under the proposed Agreement and Initial XXX, the unit operator commits to drill the Hailstorm Well during the 2005-2006 winter drilling season and make a commitment to drill the Thunderhead Well by September 1, 2007, and drill the well by June 1, 2008. These commitments provide the state with the opportunity to receive royalties from the leases sooner than if the acreage were re-offered. The seven leases proposed for the NE Storms Unit are written on a variety of forms, containing a variety of provisions. Including the leases in the NE Storms Unit Agreement would conform and modify the lease contracts to be consistent with the Agreement. Consistent lease provisions allow the WIOs and the state to reduce the administrative burdens of operating and regulating this unit. Conforming the terms of the older leases to the Agreement allows the state to avoid costly and time-consuming re- litigation of some problematic lease provisions in the older forms. During the Agreement negotiations and the discussions for this Application, the parties bargained for amendments to the terms and conditions of the various lease contracts to harmonize them. The WIOs have agreed to lease amendments requested by the Division as a condition of including the l...
Sample 1
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The Economic Costs and Benefits to the State and Other Relevant Factors. Approval of the Agreement will result in both short term and long term economic benefits to the State. The assessment of the hydrocarbon potential of the subject leases will create jobs in the short term. If Xxxxxxxx makes a commercial discovery, the state will earn royalty and tax revenues in the long term. The state leases in the proposed unit area will expire on July 31, 2001, if they are not extended by unitization. If the leases expire, the leasehold interest will return to the state. The earliest that DNR could reoffer the land, under the current Five-Year Oil and Gas Lease Sale Schedule, is November 2002. There is no certainty that anyone would bid on the tracts or pursue exploration of this speculative area distant from existing infrastructure. If DNR leased the tracts again in 2002, the state might receive bonus payments and rentals for the primary term of the new leases. However, it could be years before the new lessees would propose exploration of the area and the royalty rates at the next sale may not be as favorable as the current leases. Under the proposed Agreement, the unit operator commits to explore the area within the next two years. This commitment provides the state with the opportunity to receive royalties from the leases sooner than if the acreage was reoffered. If the well does not show commercially producible hydrocarbons, Xxxxxxxx may not invest in further drilling. If Xxxxxxxx does not continue to explore the unit area, the unit will terminate and the lease hold interests will return to the state. The potential long-term economic benefit of exploration and earlier development of the McCovey Unit area outweighs the short-term loss of potential bonus payments. The state receives a 16.66667% royalty share from the state leases and 3.375% (12.5% royalty share x 27%) of the royalty from the federal leases in the unit area. On June 19, 1997, the Supreme Court of the United States delivered opinion No. 84 in the case of United States of America v. State of Alaska. The dispute was over the ownership of submerged lands along Alaska’s Arctic Coast. As a result of this opinion, the federal government owns the oil and gas resources under one lease in the unit, Tract 4 OCS-Y-1578. However, the state petitioned the court for a rehearing on the issue. The ownership of Tract 4 was in dispute when Xxxxxxxx submitted the McCovey Unit application. The Supreme Court of the United States issued a final decree in June 2000, upholding the earlier rulin...
Sample 1

Related to The Economic Costs and Benefits to the State and Other Relevant Factors

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  • Rent and Other Payments This paragraph contains detailed commercial terms. ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ .

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