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 spokesperson for the company says it's too soon to how much this investment will cost.
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