BP has signed an agreement to sell interests in its four oilfields on the North Slope of Alaska to Hilcorp.
Under the sale agreement, subject to approvals, BP will sell all of its interests in the Endicott and Northstar oilfields and a 50% interest in each of the Liberty and the Milne Point fields.
The sale also includes BP’s oil and gas pipelines interests associated with these fields.
BP Upstream chief executive Lamar McKay said that the accord helps BP to build a more competitive and sustainable business in Alaska.
"We will now concentrate on continuing development and production from the giant Prudhoe Bay field and working to advance the future opportunity of Alaska LNG," McKay added.
With the sale, Hilcorp will operator the Endicott, Northstar and Milne Point oilfields and their associated pipelines and infrastructure.
Meanwhile, BP is scheduled to submit a development plan for Liberty by the end of 2014.
BP Alaska Region president Janet Weiss said BP focus on maximizing production from Prudhoe Bay and advancing the Alaska LNG opportunity.
"Hilcorp takes ownership of two mature oil fields ready for new investment and activity, and it will operate a third field that is primed for accelerated production," Weiss added.