JUNEAU, Alaska (AP) -- The president of BP Alaska says the company plans to boost its capital spending in the state from just under $900 million last year to $1.2 billion this year.
Janet Weiss says Alaska is more competitive under its new oil tax structure. She says the company plans to reinvest $0.90 of every dollar it makes in Alaska, back into Alaska.
She says production follows investment.
Weiss says some projects that figure in to BP's capital spending program were started under the old tax structure and a more aggressive timeline for others was implemented since the new tax was passed.
BP is announcing a seismic program, beginning this summer, on the northern edge of Prudhoe Bay. Weiss says preliminary data suggest recoverable resources of about 55 million barrels there.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.