S. 494

Authorizing Alaska Production Act

Authorizes the exploration, leasing, development, production, and economically feasible and prudent transportation of oil and gas in and from the Coastal Plain of Alaska.

Directs the Secretary of the Interior to establish a competitive oil and gas leasing program for oil and gas exploration, development, and production on the Coastal Plain.

Amends the Alaska National Interest Lands Conservation Act to repeal the prohibition against production of oil and gas from the Arctic National Wildlife Refuge.

States that, in connection with specified environmental protection laws, the Secretary shall neither: (1) identify nonleasing alternative courses of action, nor (2) analyze the environmental effects of those actions.

Prohibits the Secretary from closing land within the Coastal Plain to oil and gas leasing, exploration, development, or production except in accordance with this Act.

Directs the Secretary, within one year after the first lease sale is conducted under this Act, to conduct a second lease sale (and additional sales if sufficient interest in exploration or development exists).

Prescribes procedures for lease sales and lease grants on the Coastal Plain that include the requirement that the standard for land reclamation be either: (1) a condition capable of supporting the uses that the land was capable of supporting before any exploration, development, or production activities; or (2) a higher or better standard, as approved by the Secretary, upon the lessee's application.

Prescribes Coastal Plain environmental protection standards that require the Secretary to administer this Act: (1) using a no significant adverse effect standard to govern authorized Coastal Plain activities; (2) implementing site-specific assessment and mitigation measures; (3) promulgating regulations to protect coastal plain fish and wildlife resources, subsistence users, and the environment; (4) requiring compliance with federal and state environmental laws; and (5) ensuring that local residents have reasonable access to public land for traditional uses.

Deems any rights-of-way or easements across the Coastal Plain for the exploration, development, production, or transportation of oil and gas to be established incident to the management of the Coastal Plain.

Requires the Secretary to convey to: (1) the Kaktovik Inupiat Corporation the surface estate of certain land, and (2) the Arctic Slope Regional Corporation the remaining subsurface estate to which that Corporation is entitled under a specified agreement.

Establishes in the Treasury the Coastal Plain Local Government Impact Aid Assistance Fund to provide financial assistance to certain entities in Alaska directly impacted by oil or gas exploration or production on the Coastal Plain. Restricts the use of such financial assistance to specified purposes.