Arctic Directory October 2015: ASRC reaches historic revenue sharing milestone

For the first time since incorporation, Arctic Slope Regional Corp. has distributed in excess of 1 billion dollars to the other Alaska Native regional corporations as part of its 7(i) obligation. 7(i) distributions are made annually; a recent payout from ASRC was approximately $125 million.

“Every region in the state benefits from ASRC’s 7(i) distribution, and the more than a billion dollars in total is a testament to the hard work and dedication of ASRC employees, as well as the importance of responsible natural resource development,” said Rex A. Rock Sr., ASRC president and CEO. “However, in light of this milestone, it’s an important reminder that oil production continues to decline on the North Slope. That decline in production as well as low oil prices will likely affect future 7(i) payouts.”

A provision inside the Alaska Native Claims Settlement Act of 1971 requires the original 12 land-based Alaska Native regional corporations to share 70 percent of their revenue from resource development on their ANCSA conveyed lands. ASRC’s 7(i) applicable revenue comes mostly from resource development in the Colville River Delta, mainly Alpine and other satellite oil fields.

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