This bill authorizes a land exchange between the federal government and the Chugach Alaska Corporation to resolve conflicts created by the Exxon Valdez oil spill recovery program. The 1989 oil spill led to $900 million in settlement funds used to purchase over 600,000 acres of land for conservation, including 241,000 acres in the Chugach Region. However, when the federal government and state acquired surface land rights, the Chugach Alaska Corporation retained subsurface development rights underneath, creating split ownership that conflicts with conservation goals and limits the corporation's ability to develop resources for its Alaska Native shareholders. Under this bill, Chugach Alaska would transfer approximately 231,036 acres of subsurface rights to the federal government in exchange for approximately 65,403 acres of federal land in Alaska, consolidating ownership and allowing more efficient management. The exchange must be completed within one year of the bill's enactment and involves specific parcels of National Forest System land, Bureau of Land Management land, and National Park Service land identified in a previous Department of Interior study.
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