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Trans-Alaska pipeline passes milestone of 18 billion barrels

ANCHORAGE, Alaska — The trans-Alaska pipeline has reached a milestone of 18 billion barrels pumped, officials said.

The pipeline carrying Alaska’s oil from Prudhoe Bay to the shipping port of Valdez reached the milestone on Friday, KTUU-TV reported Monday.

Pipeline operator Alyeska Pipeline Service Company said $145 billion in revenue from North Slope crude oil has been raised for Alaska.

The pipeline hit the 17 billion barrel mark five years ago, officials said.

The new level was reached as the Alaska Department of Revenue released a fall revenue forecast with falling projections for oil production.

“New fields offer tremendous potential to increase production later in the 2020s but these developments are still contingent on final investment decisions and commitment of billions of dollars of new investments on the part of oil and gas producers,” Acting Revenue Commissioner Michael Barnhill wrote to Republican Gov. Mike Dunleavy.

A new state oil tax initiative is aimed at raising taxes on legacy fields, which advocates said could help bridge the state’s budget deficit.

Higher taxes have the potential to kill future investment, some oil industry officials said.

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Information from: KTUU-TV, http://www.ktuu.com

The Associated Press