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11/9/2012
Good royalty news
Thank you very much.
That sums it up when Alaska receives $255 million in royalties and fines as a result of an arbitrated settlement.
Alaska lost the royalties because of production shutdowns after two North Slope oil spills in 2006 and a pipeline replacement project, according to an Associated Press report Thursday.
An arbitrtation panel ordered BP (Exploration) Alaska Inc. to pay $245 million in royalties and $10 million in fines by Dec. 3.
BP, which operates on behalf of other oil companies, and those companies will share the cost of paying the royalties.
While state officials sounded elated and Alaskans clearly will be, the oil companies expressed a desire to move forward, despite its original contention that production was only delayed, not lost, and it shouldn't be required to pay.
Clearly, this is welcome news to Alaskans. Thanks to officials responsible for seeing to it.