BP gives $1 billion upgrade boost to Alaska
It will add two new rigs to the Prudhoe Bay field and upgrade existing facilities
Spurred by generous tax incentives, BP will increase North Slope spending by as much as $4 billion over the next 10 years. The UK supermajor plans an initial outlay $1bn to add two new rigs to the Prudhoe Bay field and upgrade existing facilities, which it said it would create 200 extra jobs by 2016. BP has also begun considering $3bn in future projects with the other Prudhoe Bay operators, ExxonMobil and ConocoPhillips, in the western region of the field. The announcement comes days after the state legislature slashed oil-production taxes in a bid to increase investment in the state. On 21 May, governor Sean Parnell signed Bill 21, the More Alaska Production Act, into law. First proposed by
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