Governor Sean Parnell today welcomed news that ConocoPhillips has increased its budget for capital costs in Alaska by more than 50 percent. In the announcement, the company specifically cited Alaska's new oil tax system, the More Alaska Production (MAP) Act, as a reason for the increased spending.
"Today's announcement is further proof that the More Alaska Production Act is working," Governor Parnell said. "Billions of dollars in new investment have been announced since I signed the MAP Act into law, and it's helping to keep Alaska's businesses and workers busy as they go after new oil production. Alaska is on track for more oil in the pipeline and more opportunities for future generations."
ConocoPhillips' 2014 capital costs budget for Alaska is $1.7 billion, which is $600 million more than 2013.