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
Also in this section
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
23 July 2025
The country’s energy minister explains in an exclusive interview how the country is taking a pragmatic and far-sighted approach to energy security and why he has great confidence in its oil sector
