BP, ConocoPhillips in asset swap

LONDON, July 4, 2018 – BP is to transfer to ConocoPhillips its stake in the Kuparuk fields in Alaska in exchange for a stake in Clair field in the North Sea, the companies announced on Tuesday.

No financial details were disclosed about the deals, which will see BP sell its entire 39.2% non-operated interest in the the Greater Kuparuk Area on the North Slope of Alaska as well as 38% of Kuparuk Transportation Company and buy 16.5% share of Clair field offshore the UK, which it operates. However, the net exchange is “expected to be cash neutral to both companies,” the press releases said.

Following closure of the deal, subject to regulatory approvals and expected later in 2018, ConocoPhillips will keep a 7.5% stake in Clair.

“This is a further step in focusing our portfolio around core assets and developments which have the potential for significant growth. Clair is a key advantaged oilfield for our North Sea business, a giant resource whose second phase is about to begin production and which holds great potential for future developments,” said Bernard Looney, BP’s CEO for upstream.

“In Alaska, this transaction will increase our focus on managing our deep resource base at the massive Prudhoe Bay oilfield and help enable a more competitive and sustainable business for BP.”

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