BP will leave Alaska after 60 years with sale of assets us$5.6 billion for Hilcorp

(Reuters)-BP (BP. L), the leading British oil tanker, agreed on Tuesday to sell all of its assets in Alaska for 5.6 billion dollars to Hilcorp Energy, a privately-traded company, leaving a region where it operates for 60 years. The agreement, which includes participations in the most prolific oil field in U.S. history in Prudhoe Bay, and the 1,300-km Trans Alaska pipeline, is part of BP's plan to raise $10 billion over the next two years through the sale of assets to further strengthen MA Is his swing, said the company. For years, BP has reduced its role in Alaska, where oil production has declined with the decline in the Prudhoe Bay field. BP, which began working in Alaska in 1959, is the carrier and holds a 26% stake in Prudhoe, where production began in 1977. In 2014, BP sold Hilcorp half of its participation in an Alaskan project. This year, the two should decide whether they will pursue an ambitious 1.5 billion-dollar maritime project that requires the construction of an artificial island. The acquisition fits Hilcorp's historic strategy of acquiring mature fields from large oil companies and reducing costs. The company, founded in 1990 by Texas oil tanker Jeffery Hildebrand, has operations in the United States. Hilcorp's spokesmen did not respond to requests for comments. "This agreement leads Hilcorp to be the second largest producer and owner of Alaska reserves, behind only ConocoPhillips (COP. N), "said Rowena Gunn, energy analyst at Wood Mackenzie. Hilcorp must show that it can keep production in Prudhoe Bay, where BP is the carrier, she said. So far, Prudhoe has produced more than 13 billion barrels of oil and is estimated to have the potential to produce more than 1 billion additional barrels. The petroleum net production of the BP of Alaska in 2019 should reach on average nearly 74000 barrels per day.