Industry reps: Tax overhaul an improvement

April 9, 2013 • Business

Damian Bilbao, head of finance for BP Alaska, testifies before the House Finance Committee on a proposed oil tax overhaul on Monday, April 8, 2013, in Juneau, Alaska. Shown seated behind him are Bob Heinrich, vice president of finance for ConocoPhillips Alaska, and Scott Jepsen, vice president of external affairs for ConocoPhillips Alaska. (AP Photo/Becky Bohrer)

JUNEAU, Alaska (AP) — An oil tax overhaul under consideration in Alaska would be a “game changer” and send a signal that the state is ready to compete for investment, a BP Alaska executive said Monday.

Damian Bilbao couldn’t say how many projects would make economic sense for the company until a final bill was in place that the company could model. But he told the House Finance Committee the latest version of SB21 would make Alaska more competitive for investment dollars. If it passed, he said the state could expect to see a shift in activity within one to two years.

The committee is digging into the proposed oil tax cut with just days left in the legislative session. A fiscal analysis indicates the bill could cost the state up to $6 billion through 2019, based on a fall forecast that calls for a continued Login to read more

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