While Alaska’s North Slope is a resource-rich area, developing oil from the North Slope’s legacy fields and new satellite fields has become increasingly challenging, costly and technology-intensive. In addition, our ongoing efforts to renew aging facilities and pipeline infrastructure in order to ensure long-term safety and operational reliability will continue to require significant capital investment. The harsh, extreme climate and inaccessibility of the resources to markets also contribute to the high cost environment. Until 2013, Alaska’s fiscal structure created an unfavorable business climate, which discouraged investment. Since Senate Bill 21 (SB21) passed in April 2013 (and ratified by voters in August 2014), the North Slope has a more attractive business environment which has led to more investment in oil-producing projects than was seen prior to 2013.