Aug 27, 2019

BP to sell Alaska operations to Hilcorp for $5.6bn

Energy major BP will sell its business in Alaska to Hilcorp Alaska, a private oil and gas operator, for $5.6bn. The sale would include its exploration and production business and its pipelines division in the state. Bob Dudley, chief executive of BP said: "We are steadily reshaping BP and today we have other opportunities, both in the US and around the world, that are more closely aligned with our long-term strategy." BP began working in Alaska in 1959 and has 1,600 employees working for its business in the state. BP operates Prudhoe Bay, the most prolific oilfield in US history on the coast of the Arctic Ocean in northern Alaska. In 2014 Hilcorp purchased stakes from BP in four operated Alaska North Slope oilfields.

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