Anchorage-based Hilcorp Alaska will buy BP’s entire business in Alaska for a total consideration of US$5.6 billion, BP announced. The transaction is expected to be completed in 2020, subject to state and federal regulatory approval.
Under the terms of the agreement, the sale will include BP's entire upstream and midstream business in the state, including BP Exploration (Alaska) Inc., which owns all of BP's upstream oil and gas interests in Alaska, and BP Pipelines (Alaska) Inc.'s interest in the Trans Alaska Pipeline System (TAPS).
"Alaska has been instrumental in BP's growth and success for well over half a century and our work there has helped shape the careers of many throughout the company. We are extraordinarily proud of the world-class business we have built, working alongside our partners and the State of Alaska, and the significant contributions it has made to Alaska's economy and America's energy security.” said BP group chief executive Bob Dudley.