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Governor Welcomes Substantial New North Slope Investment

BP to Spend Billions More, Add Two New Rigs

June 3, 2013, Anchorage, Alaska – Governor Sean Parnell today welcomed BP Alaska’s announcement that it will invest billions in new capital on the North Slope. The announcement includes plans to spend $1 billion over the next five years to bring two additional rigs to the North Slope, and an additional $3 billion to evaluate the western end of Prudhoe Bay in conjunction with the company’s other working interest owners.

“Alaska’s future continues to get brighter now that the More Alaska Production Act is law,” Governor Parnell said. “This is great news for Alaska’s economy as we can certainly expect new oil to flow through the pipeline as a result of this announcement and the prior commitments of more North Slope investment. Our state is in the midst of a comeback, and Alaskans will continue to benefit as more investment flows north in the form of new jobs, new oil and new opportunities.”

BP estimates the two new drill rigs will bring 200 jobs to Alaska. Referring to the recently-passed More Alaska Production Act, BP Alaska President Janet Weiss said it “helped improve the economics of these opportunities.”  

In April, Repsol cited the More Alaska Production Act as a “critical factor in ensuring the development” of three test wells where oil was found. ConocoPhillips announced the company will increase investment in Alaska as a result of the More Alaska Production Act.

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