News: Rep. Gara’s Public Comments Detail Potentially Excessive Tax Breaks for a Company Seeking “Royalty Relief”

Rep. Les Gara Anchorage - On Monday, Rep. Les Gara (D-Anchorage) filed detailed public comments showing the Nuna oilfield will receive significant, and possibly excessive, tax breaks under little-known provisions in S.B. 21. The Parnell Administration, in its waning two weeks, proposed a roughly $40 million reduction in the royalties Nuna’s current owner, Caelus Energy, would owe Alaskans. The Parnell Administration proposed to change the field’s existing lease terms to include additional revenue reductions at a time Alaska is facing a $3 billion budget deficit.
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NEWS: Near Zero Value Nuna Oilfield Deal Challenged by Rep. Gara

Rep. Les Gara Anchorage – Thursday, Representative Les Gara (D-Anchorage) asked the Parnell Administration to hold off on a controversial proposal for tens of millions of dollars in additional tax reductions on a North Slope oilfield. Last week Governor Parnell’s Commissioner of Natural Resources announced his proposal to reduce the 12.5% royalty on the Nuna oilfield by over 50%.
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