BP PLC plans to add $1 billion in new investment and two drilling rigs to its Alaska North Slope fields over the next 5 years. Executives attributed the increased investment to changes in the state's oil tax policy that Gov. Sean Parnell signed during May.
In addition, BP said it has support from the other working interest owners at Prudhoe Bay to evaluate an additional $3 billion worth of new development projects in the west end of the Greater Prudhoe Bay area, which could take nearly 10 years, further increasing the state's oil production and adding jobs.
The additional development opportunities being evaluated include expansion and debottlenecking of existing Prudhoe Bay facilities, co...