Alaska’s North Slope oil production is forecast to decline 1.8 percent for the fiscal year ending June 30 instead of falling 3 percent as predicted in December, according to a report released this week. The Alaska Department of Revenue predicts production of 521,800 barrels a day (bpd) versus its December forecast of 508,200 bpd. By 2023, North Slope production will fall to 315,000 bpd. The annual spring report comes four months after the state began cutting oil production taxes with hopes of spurring new investment and stemming the decline. Alaska gets more than 80 percent of its state tax revenue from oil production. North Slope production comes largely from leaseholders BP Plc, ConocoPhillips and Exxon Mobil Corp, and has been in a steady decline. More than 20 years ago, nearly 2 million barrels a day flowed through the 800-mile (1,300-km)trans-Alaska pipeline system. Last […]