BP to exit Alaska after 60 years in US$5.6 billion deal

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British oil major BP said on Tuesday it had agreed to sell its Alaskan operations for US$5.6 billion to privately held oil and natural gas ...

WASHINGTON: British oil giant BP on Tuesday agreed to sell all its Alaskan properties for US$5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.

In 2014, BP sold Hilcorp half its share of an Alaskan project. This year, the two were due to decide whether to go ahead with an ambitious US$1.5 billion offshore project that requires construction of a manmade island. Prudhoe has to date produced over 13 billion barrels of oil and is estimated to have the potential to produce more than one billion further barrels. BP's net oil production from Alaska in 2019 is expected to average almost 74,000 barrels per day.

"We are steadily reshaping BP and today we have other opportunities, both in the U.S. and around the world, that are more closely aligned with our long-term strategy and more competitive for our investment," BP Chief Executive Officer Bob Dudley said.The Alaska sale pushes BP closer to its goal of selling US$10 billion of properties following the 2018 acquisition of BHP's U.S. shale assets, a US$10.

 

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