(a) The authority of the commission applies to all land

1. (1) in the state lawfully subject to the police power of the state, including private land, municipal land, state land, federal land, and land subject to the jurisdiction of the United States; and
2. (2) included in a voluntary cooperative or unit plan of development or operation entered into in accordance with AS 38.05.725.

(b) When land that is subject to the commission's authority is committed to a unit agreement involving land subject to federal jurisdiction, the operation of AS 41.06.105 — 41.06.210 may be suspended if

1. (1) the unit operations are regulated by the United States; and
2. (2) conservation of resources in the reservoir or pool is accomplished in the agreement.

(c) The commission has the authority to

1. (1) regulate activities related to a storage facility, including the construction, operation, and closure of the facility;
2. (2) require that storage operators provide assurance, including bonds, that money is available to fulfill the storage operator's duties;

3. (3) enter, at a reasonable time and in a reasonable manner, a storage facility to

   1. (A) inspect equipment and facilities;
   2. (B) observe, monitor, and investigate operation; and
   3. (C) inspect records required to be maintained at the facility;
4. (4) exercise continuing jurisdiction over storage operators and storage facilities, including the authority, after notice and hearing, to amend provisions in a permit and to revoke a permit; and
5. (5) dissolve or change the boundaries of an oil or gas field or unit established by the commission that is within or near the boundaries of a storage reservoir.