Biden administration recommends scaled-back ConocoPhillips Alaska oil project
Friday, February 3, 2023
Earlier this week the Biden administration recommended a scaled-back version of a significant oil drilling project in the North Slope of Alaska, according to CNBC. The move is considered a step toward approving the $8 billion Willow plan that environmental groups have condemned.
Additionally, the Interior Department’s Bureau of Land Management released an environmental analysis that suggested reducing the number of drilling sites from five to three under the project.
The project is being led by Alaska’s largest crude oil producer, ConocoPhillips. The federal government has 30 days to issue a final decision on whether the project is approved.
Learn more: CNBC > Biden administration moves toward approval for major Alaska oil drilling project
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Depending on the company, royalty payments can arrive monthly or quarterly.
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Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
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Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.