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Industry reps: Tax overhaul an improvement

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News,Business

JUNEAU, Alaska (AP) — The North Slope's three major players say a proposed oil tax overhaul should lead to more investment and production.

Representatives of BP, ConocoPhillips and Exxon Mobil Corp. testified before the House Finance Committee on Monday. The committee is hearing SB21, which would change Alaska's oil tax structure.

The company representatives say the latest version of SB21 would be a huge improvement over the current tax structure. Damian Bilbao, head of finance for BP Alaska, called the proposal a "game changer" and said, if passed, the state could expect to see a shift in activity within one to two years.

Officials for all three companies said the bill should lead to more investment and production. None, however, could quantify that.

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