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BP, Hilcorp say deal involving Alaska assets, interests done

BP, Hilcorp say deal involving Alaska assets, interests done

JUNEAU, Alaska (AP) — BP said it has completed its sale of assets and ownership interests in Alaska to Hilcorp, in a $5.6 billion deal first announced in 2019.

BP announced Friday completion of its sale of pipeline interests, including its stake in the trans-Alaska pipeline, to Harvest Alaska, an affiliate of Hilcorp, following conditional approval of that part of the deal by the Regulatory Commission of Alaska earlier this week. Documents requested by the commission, due Dec. 28, did not yet show up as filed. The commission's order also can be appealed.

In July, Hilcorp and BP announced they had closed the portion of the deal that included transfer of leases in the Prudhoe Bay oil field and Point Thomson gas field.

BP and Hilcorp spokespeople Friday said the sale, announced in August 2019, is now closed.

Jason Rebrook, CEO of Harvest Midstream, in a statement called the acquisition of BP's roughly 49% interest in the trans-Alaska pipeline system a “critical milestone” for his company. The 800-mile pipeline system “is an icon of American ingenuity” with a track record of “safe and responsible operations" and a legacy the company plans to build on, he said.

The Alaska Public Interest Research Group has raised concerns with the deal.


Updated : 2021-01-19 14:44 GMT+08:00