BP Announces $1B Alaska Expansion, Citing New Tax Break

Law360, New York (June 3, 2013, 3:29 PM EDT) -- BP PLC said Monday that it would invest another $1 billion and add two new drilling rigs to its operations in Alaska's North Slope region, citing a tax break recently enacted by the state in order to encourage more oil and gas production.

The oil giant said the investment is designed to ramp up drilling and well-work activity and would increase the number of drilling rigs it has in Alaska to nine. The two new rigs, which will be located in the North Slope's home of...
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