AK SB69

Changes terminology from "prospecting permits" to "prospecting licenses" throughout AS 38.05.181 for geothermal resource exploration and development.

Extends prospecting license duration from 2 years to 5 years and allows applicants to convert to a noncompetitive lease after completion of agreed work commitment and submission of an exploration plan.

Increases maximum geothermal lease acreage a person may hold from 51,200 acres to 100,000 acres, excluding leases in commercial production.

Lowers the temperature threshold defining geothermal resources from 120 degrees Celsius to 80 degrees Celsius.

Removes rental fee cap of $3 per acre and allows department to establish rental rates by regulation; removes provision allowing commissioner to renegotiate rentals and royalties after 20 years of commercial production.

Provides transition provisions allowing existing permit holders to convert prospecting permits to prospecting licenses, with converted licenses expiring no later than 5 years from original permit issuance date.