"Overlooked North Slope formation may hold 120,000-barrel-a-day secret"     

"Geologists say a potential major oil discovery in Alaska, coupled with a state geological analysis released this summer, indicate that an often-overlooked rock formation on the North Slope may hold significant potential for future oil discoveries"

Looks like there is potential for increased production however with our current tax laws they will get all of this "new oil" for free and Alaska will help pay their development costs. 

Republicans want to drill ANWR but with SB21 we would lose money.  See "Upsized ASAP may rattle AK LNG Project"

  "a surprise for lawmakers was that under the state’s current tax code ANWR’s initial exploration and development would be subsidized by the state, to the tune of about $8 billion to $9 billion, because of tax credits for explorers"

Of course this didn't stop them wasting money on a lawsuit and wasting months in session complaining about Obama hurting our economy.