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Lifestyles
Hilcorp Buys Out BP Alaska Oil Fields Print E-mail
by Tom McGregor    Tue, Apr 22, 2014, 08:53 PM

Houston-based Hilcorp Energy Company is expanding and bought out a huge portion of BP's major oil stake in Alaska.

The Houston Chronicle reports that, "BP is selling off stakes in four Alaskan oil fields near the gigantic Prudhoe Bay, a move that would cut about 15 percent of its crude production in the state, the company said late Tuesday. The British oil company did not disclose the price it would get from Hilcorp, a private Houston-based oil producer that has been jockeying for Alaska’s natural gas basins."

BP is facing major financial problems with its operatins in the United States and looking to sell off its stakes in the country.

According to the Houston Chronicle, "In the deal, which is expected to close by the end of the year, Hilcorp would receive all of BP’s interest in the offshore Endicott and Northstar fields and half of its stakes in the Milne Point and Liberty oil fields."

BP will continue to drill and transport oil from its Prudhoe Bay project in Alaska.

To read the entire article from the Houston Chronicle, link here:

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