British energy giant BP has agreed to sell its stakes in four oil fields on the Alaska North Slope.
The company, one of the largest oil producers in Alaska, said the sale agreement includes all of its interests in the Endicott (pictured) and Northstar oil fields and a 50% stake in each of the Liberty and the Milne Point fields. The agreement also includes BP’s interests in the oil and gas pipelines associated with the fields.
They represent around 19,700 barrels of oil equivalent a day, less than 15% of its total net production on the North Slope. BP-operated oil fields account for two-thirds of all production in Alaska.
The company said it would focus on developing Prudhoe Bay – the largest oil field in North America – and pursue Liquified Natural Gas (LNG) opportunities in Alaska.
Lamar McKay, BP Upstream Chief Executive said: “This agreement will help build a more competitive and sustainable business for BP in Alaska. It will allow us to play to two of our great strengths, managing giant fields and gas value chains.”
Hilcorp Energy is to now become the operator of Endicott, Northstar and Milne Point and their associated pipelines and infrastructure while BP expects to submit a development plan for Liberty by the end of the year.