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BP to increase share in UK’s giant Clair field and sell interest in Alaska’s Kuparuk field

BP announced that it has entered into agreements with ConocoPhillips that will significantly increase its holding in the Clair field.

BP to increase share in UK’s giant Clair field and sell interest in Alaska’s Kuparuk field BP to increase share in UK’s giant Clair field and sell interest in Alaska’s Kuparuk field


London, July 4 - Neftegaz.RU. BP today announced that it has entered into agreements with ConocoPhillips that will significantly increase its holding in the Clair field, a core asset of BP’s North Sea business in the UK, while also selling its non-operating interest in the Kuparuk and satellite oilfields in Alaska.

 

BP has entered into an agreement to purchase from ConocoPhillips a 16.5% interest in the BP-operated Clair field, west of Shetland in the UK, buying a ConocoPhillips subsidiary that will hold this interest in the field. As a result, BP will hold a 45.1% interest in Clair and ConocoPhillips will retain a 7.5% interest.

 

Separately BP has entered into agreements to sell to ConocoPhillips BP’s entire 39.2% interest in the Greater Kuparuk Area on the North Slope of Alaska as well as BP’s holding in the Kuparuk Transportation Company.

 

The giant Clair field west of Shetland has a complex fractured reservoir estimated to have had more than 7 billion barrels of hydrocarbons originally in place. The field is operated by BP which currently holds a 28.6% interest. A major 2nd development phase, Clair Ridge, is expected to start production later this year with production capacity of 120,000 boed.

 

The Greater Kuparuk Area is operated by ConocoPhillips Alaska, its includes the Kuparuk oilfield and the satellite fields of Tarn, Tabasco, Meltwater and West Sak. In 2017, the Greater Kuparuk Area had average daily gross oil production of approximately 108,000 barrels a day.

 

The transaction will not affect BP’s position as operator and co-owner in the Prudhoe Bay oilfield in Alaska.

 

Source : Neftegaz.RU