Forecast revises oil production estimates

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JUNEAU, Alaska (AP) — The state Revenue Department is forecasting higher oil production than previously expected.

North Slope production for this year is now forecast at more than 521,000 barrels per day, up from the 508,000 barrels per day forecast last fall. The spring forecast released Monday anticipates a dip to about 496,000 barrels per day in fiscal year 2015, which Deputy Revenue Commissioner Bruce Tangeman says takes into account summer maintenance.

The forecast calls for increased oil production over what was forecast last fall from 2016 to 2023, though the overall trend would still be one of decline.

While oil revenues are expected to remain the state's major source of unrestricted revenues, they are expected to contribute as little as 82 percent of unrestricted general fund revenues over the forecast period.

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