Depends on where it is.   If it is a legacy field in the Prudhoe Bay province, the oil in the ground belongs to the oil companies because we leased the field to them and sold them the oil for a 12.5% royalty share, a $900 + Million lease payment, and the right to tax property and production/profits.   Oil in the ground on State land belongs to the State.   Oil in the ground on ANCSA Corporation land is a good question and I don't know the answer.   Oil in the ground on federal land belongs to the US as does offshore oil outside either 3 or 12 miles, don't remember which; been away from this stuff awhile now.