BP sells non-core Alaskan oilfields to Hilcorp

23rd Apr 2014 07:28

Oil major BP is continuing its drive to off-load non-core assets by selling stakes in four Alaska North Slope oilfields to US oil & gas group Hilcorp for an undisclosed sum.BP, which is selling at least $38bn of surplus businesses to focus on key oil & gas businesses and exploration in areas such as the Indian ocean, is selling all its interests in the Endicott and Northstar oilfields and a half-stake in each of the Liberty and Milne Point fields, including associated pipelines.It expects most of the 250 staff at the oilfields to transfer to Hilcorp. Together, the assets in the sale make up about 19,700 barrels of oil equivalent a day (boe/d) of net production for BP, less than 15% of its total net production on the North Slope.BP said it would concentrate its efforts in Alaska on development and production in the giant Prudhoe Bay oilfield and Alaskan liquefied natural gas (LNG).BP Upstream Chief Executive Lamar McKay said: "This agreement will help build a more competitive and sustainable business for BP in Alaska." PW