Following legislative passage of Senate Bill 21 just more than a week ago, Governor Sean Parnell today welcomed the news that Repsol has found oil in three test wells drilled this winter. Repsol cited recent tax reform in Alaska as a "critical factor in ensuring the development of this project, where extreme climate conditions and geographical remoteness result in high operating costs."
"This is welcome news for Alaskans' future," Governor Parnell said. "We have always maintained that our below-ground resources are world class, and these discoveries underscore that. We now have a competitive tax structure that ensures Alaskans are able to reap the benefits of their oil. Today's announcement is another promising step toward creating an Alaska oil comeback."
The announcement from Repsol can be found here: