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ConocoPhillips, BP share swap for UK and Alaska assets

July 04, 2018/ 12:44

Washington. U.S.-based international oil company ConocoPhillips signed agreements on Tuesday with U.K.-based oil company BP for the sale of a 16.5 percent interest in the Clair Field in the U.K. to acquire an additional 39.2 percent interest in the Greater Kuparuk area in Alaska,

ConocoPhillips' subsidiary, which agreed to sell to BP, will hold a 16.5 percent interest in the BP-operated Clair Field, while ConocoPhillips will retain a 7.5 percent interest. The sale is subject to regulatory approval.

ConocoPhillips agreed to acquire BP's 39.2 percent interest in the Greater Kuparuk area in Alaska and BP's 38 percent interest in the Kuparuk Transportation Company for an undisclosed price, informs Anodolu.

These transactions are inter-conditional and are expected to close simultaneously following regulatory approvals, the company said.

"These transactions are significant for ConocoPhillips because they continue our strategy of coring up our legacy asset base in Alaska, while retaining an interest in the Clair Field in the U.K.," Ryan Lance, chairman and chief executive officer, said in a statement.

"We have a long history of creating value in Alaska and an ongoing commitment to invest in our legacy assets, as well as in the development of our recent exploration success. Likewise, we are committed to maximizing the value of our assets in the U.K. North Sea, including continued investment in our operated assets in the Central North Sea."

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