ConocoPhillips buys BP exploration site in far north Alaska


ConocoPhillips is expanding its operations far beyond Oklahoma and Texas with the purchase oil exploration sites in the Greater Kuparuk Area in Alaska. The purchase area is in the extreme northern part of the state.

The company is buying BP’s 39.2 percent interest in the area as well as BP’s 38 percent interest in the Kuparuk Transportation company. But no purchase price was revealed.

At the same time, ConocoPhillips announced the sale of its subsidiary to BP, a move that will allow the subsidiary to hold a 16.5 percent interest in the BP-operated Clair Field in the United Kingdom.

“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 U.K.,” said Ryan Lance, chairman and chief executive officer. “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.”