BP said that the new fiscal reform law would affect its Alaskan operations and negatively impact investment in future projects.
The Times reported that BP will be revising its capital expenditure outlay in Alaska for 2008 as a result of the new law. The energy giant had spent around $2 billion in Alaska in 2007.
According to an observation by oil consultancy Wood Mackenzie, the estimated tax burden on oil and gas producers in Alaska due to the new law would increase by 10% which would reflect a loss of $11 billion at a price of $90 per barrel of oil, reported The Times.
