BP is planning to add $1 billion in new investment and two drilling rigs to its Alaska North Slope fields over the next five years due to changes in the state’s oil tax policy signed into law this month by Gov. Sean Parnell.

These plans call for an increase in drilling and well-work activity, the upgrading of existing facilities and the addition of up to 200 new jobs in the state, giving a boost to both the company’s operations and the state’s economy.

In addition, BP has successfully secured support from the other working interest owners at Prudhoe Bay to begin evaluating an additional $3 billion worth of new development projects. These projects, located in the west end of the Greater Prudhoe Bay Area, could continue for nearly 10 years, further increasing the state’s oil production and providing additional jobs.

Tags: BP PLC