ConocoPhillips agrees asset trade deal with BP

Leading Houston-based energy corporation ConocoPhillips has announced that it has signed an asset trade agreement with BP that will see the US firm looking to bolster its position within the US market.

The deal stipulates that ConocoPhillips will acquire BP’s 39.2% stake in the Greater Kuparak Area in Alaska and its 38% interest in the Kuparuk Transportation Company, firming up its position in the Northwestern province.

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Meanwhile, ConocoPhillips in return will sell a subsidiary to BP that retains a 16.5% interest in the Clair Field, known to be one of BP’s core assets, located in the UK North Sea.

“These transactions are significant for ConocoPhillips because they continue our strategy of coring up our legacy asset base in Alaska, while retaining an interest in the Clair Field in the UK,” said Ryan Lance, Chairman and Chief Executive Officer of ConocoPhillips.

“We have a long history of creating value in Alaska and an ongoing commitment to invest in our legacy assets, as well as in the development of our recent exploration success. Likewise, we are committed to maximizing the value of our assets in the UK North Sea, including continued investment in our operated assets in the Central North Sea.”

The transactions were effective as of 1 July.