Chriso,

There was a significant increase in North Slope investments.  But the part you do not mention is they were paid for, mostly, by Alaskans, in the form of capital credits for expenditures made on CAPEX under ACES.

 SB-21 replaced the tax credit for capital expenditures in ACES with a tax credit for production (per-barrel credit).  This is not an efficient incentive to increase production.

If you want an explanation for how ACES worked, read this very good explanation prepared by Sen. Bill Wielchowski:

http://www.senatorbill.org/wp-content/uploads/2013/03/Debunking-Myths-about-ACES-March-2013.pdf

Take note of one of the biggest thefts in world history.  It happened here in Alaska.  Ref. slide number 15.  19 billion barrels of Alaska of crude were taken from Alaska. 12 billion were taken from Norway.  Norway began its Permanent Fund in 1996.  Alaska in 1977.  Norway has now has one trillion.  Alaska has $52 billion.

Alaska lost hundreds of billions!