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BP: completes sale of upstream Alaska business

(CercleFinance.com) - BP has completed the sale of its upstream Alaska business to Hilcorp, the British energy giant said late on Wednesday.


For the record, BP announced last year that it would leave Alaska, selling its business to US private oil and gas exploration and production firm Hilcorp for 5.6 billion dollars.

The deal includes BP's entire upstream and midstream business in the state, including its upstream oil and gas interests in Alaska, along its stake in the Trans Alaska Pipeline System (TAPS).

In April, the company had to adjust the financial terms of the agreement to reflect the challenging current market conditions.

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