ConocoPhillips to increase Alaska production

Apr 17, 2013 -- 6:00pm


- ANCHORAGE, Alaska (AP) - ConocoPhillips says it's ready to increase its investments on Alaska's North Slope. The oil giant on Wednesday announced it's taking the move after the state Legislature last weekend passed a new oil tax bill that reduced taxes on the industry in an effort to boost the flow of oil through the trans-Alaska pipeline. ConocoPhillips says in a release that it will bring an additional rig to Kuparuk this spring and will work with other owners on funding for a new drill site on the Kuparuk River Field. The company is also performing prep work for the Greater Moose's Tooth Unit in the National Petroleum Reserve-Alaska. A spokeswoman for the company says it's too soon to how much this investment will cost.

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