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New Tax Credits Working to Develop Alaska’s Resources

November 7, 2011, Rome - Governor Sean Parnell welcomed news that Escopeta Oil has reported a major natural gas discovery in Cook Inlet.

“I am pleased that Alaska is seeing the results of tax credit legislation that provides incentives for explorers and producers to continue investing in Alaska,” Governor Parnell said.

The well was drilled from a jack-up rig that was shipped to Alaska earlier this year. Additional wells are required to confirm the company’s estimates. It is the first exploration well drilled offshore in Cook Inlet since the early 1990s. Tax credit legislation enacted in 2010 provided incentives to attract offshore drilling equipment to Alaska.

Governor Parnell made his comments from Rome, Italy, where the governor met today with Paolo Scaroni, CEO of ENI Spa, an oil and gas company currently leasing and producing on Alaska’s North Slope.

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