BP Announces $1 Billion Expansion On North Slope

BP today announced a billion dollar spending program for the North Slope. The company said this decision was made because of changes made in Alaska’s oil tax. BP said some of the spending could come this year. Later BP plans to bring two more drilling rigs to the Slope by 2016 and says it is evaluating another $3 billion of development projects with its partners in the western end of the Prudhoe Bay area. And it says it is ready to start selling its natural gas.