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AOGA's statement on HB 276

aoga.org

The new CS for HB 276 does provide incentives for exploring and developing oil in two areas; “middle earth” (outside North Slope & Cook Inlet) and new production outside existing fields on the North Slope.
 
HB 276 does change Alaska’s tax structure for these two areas, but does not address the fundamental production decline curve of 6-8 percent per year (approximately 40,000 barrels per day).
 
The bill is incomplete as it only addresses these two areas of the state, and does not provide any relief or incentive for existing or incremental production where almost all of Alaska’s production will come from in the next 5-7 years.
 
AOGA will continue to advocate for additional meaningful tax reform for the entire North Slope.

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