October 2019, Vol. 246, No. 10

Global News

BP to Quit Alaska after 60 Years with $5.6 Billion Sell-Off

BP said it will sell all its Alaskan properties to Hilcorp Energy in a $5.6 billion agreement and exit the region where it has operated for 60 years. The deal moves the British oil major closer to a goal of shoring up its balance sheet by shedding $10 billion worth of assets in two years. The sale to Hilcorp includes interests in the most prolific oil field in U.S. history – Prudhoe Bay – along with the 800-mile Trans Alaska Pipeline.  It caps a multi-year period of reduced operations in Alaska as production has declined at the Prudhoe Bay field. BP, which began working in Alaska in 1959, is the operator and holds a 26% stake in Prudhoe, where production began in 1977. In 2014, BP sold Hi

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