Representatives from ConocoPhillips, BP and ExxonMobil were in front of the Senate Finance Committee, Wednesday, addressing the proposed changes to oil taxes. Vice-President of ConocoPhillipsAlaska, Scott Jepson, told the committee that more production would occur with a change to the ACES tax system.
He says pursuing more drilling across the North Slope at Prudhoe Bay, Alpine and Kuparik would create a $5 billion investment. However, Jepson also testified that the investment would only come with a change in the progressivity; and, SB 192 currently doesn’t offer enough change. BP spokesperson Damien Bilbao repeated those words to the committee.
Both BP and ConocoPhillips have promised Governor Sean Parnell increased investment on the North Slope with the passage of the tax changes offered within HB 110 that was passed in the House of Representatives last year.