JUNEAU, Alaska (AP) — An executive with BP Alaska says the company plans to add two new rigs on the North Slope this year. But Phil Cochrane says the company won't search for or produce new sources of oil.

In prepared remarks to an Alaska Support Industry Alliance conference in Anchorage, Cochrane said the rigs will be used to accelerate production from existing reserves. He said it's a response to a state policy that discourages investment.

Friday's comments come on the cusp of a new legislative session, during which oil taxes are expected to be a main topic.

The North Slope's major players, including BP, have pushed for changes in the tax structure, saying it eats too deeply into profits, particularly during times of higher oil prices, and is a disincentive to new investment.