AK SB62

Adds new statute clarifying that surface use restrictions on oil and gas leases do not restrict subsurface development that can be accomplished by drilling from unrestricted acreage.

Prohibits issuance of additional oil and gas leases on state-owned lands and waters, with exception for gas-only leases in specified Kachemak Bay areas.

Authorizes director to issue gas-only leases in Township 5 South, Range 15 West, Seward Meridian, with lessees having no surface use rights and limited to drilling from onshore leased lands only.

Adds revenue from gas-only leases under AS 38.05.184(h) to the renewable energy grant fund, with appropriations allowed after required Alaska Permanent Fund deposits.

Transfers fund investment management to the Department of Revenue as fiduciary under AS 37.10.071.