(a) The Oil and Gas Competitiveness Review Board is established in the department.

(b) The board shall consist of 11 members as follows:

(1) two members nominated by the two leading nonprofit trade associations representing the oil and gas industry in the state and appointed by the governor, with one member nominated by each association;

(2) the chair of the Alaska Oil and Gas Conservation Commission or the chair's designee;

(3) three members of the public appointed by the governor, including one member who is a petroleum engineer, one member who is a geologist, and one member who is a financial analyst;

(4) the commissioner of environmental conservation or the commissioner's designee;

(5) the commissioner of natural resources or the commissioner's designee;

(6) the commissioner of revenue or the commissioner's designee;

(7) two members of the public who do not represent the oil and gas industry, appointed by the governor.

(c) The governor shall, every two years, designate one of the members as chair.

(d) Members of the board appointed under (b)(1), (3), and (7) of this section serve for four years. An individual who has served on the board may be reappointed.

(e) A vacancy on the board shall be filled in the manner of the original appointment.

(f) A member of the board may be removed and replaced at the discretion of the governor.

(g) The members of the board appointed under (b)(1), (3), and (7) of this section serve without compensation but shall receive per diem and travel expenses authorized for boards and commissions under AS 39.20.180.

(h) The board may enter into contracts for professional services. The department shall provide staff for administrative support for the board.

(i) The board shall meet at least once in a calendar year.