The Department of Revenue said today in its preliminary spring forecast for fiscal year 2008 that it is projecting a record $8.5 billion in general purpose unrestricted revenue.
The total from crude oil and natural gas production activities is projected at $7.7 billion, with 57 percent or $4.85 billion projected to come from Alaska’s new production tax. The department said the final forecast will be released after the March 31 production tax filing deadline so the department can include actual payments from the company’s annual returns.
The crude oil and natural gas revenue projections are based on an estimated average production of 719,800 barrels per day and a West Coast price averaging $84.18 per barrel.
Non-oil general purpose unrestricted revenue is expected to total $800 million.
See the complete story in the March 23 issue of Petroleum News, available online to subscribers at noon, Friday, March 21, at www.PetroleumNews.com.