Hilcorp is purchasing BP�s interests in the Endicott, Milne Point, Northstar and Liberty fields, and in the Endicott and Northstar pipelines.

"Our ability to bring new life to mature basins is a great fit for these assets," John Barnes, Hilcorp Alaska senior vice president of exploration and production, said in a statement.

BP said it would submit a development plan for Liberty by the end of the year. As a result of the sale, and subject to approval, Hilcorp will become the operator of the Endicott, North Star and Milne Point fields and associated pipelines and infrastructure.

"It will allow us to play to two of our great strengths, managing giant fields and gas value chains," BP Upstream Chief Executive Lamar McKay said in a statement.

Janet Weiss, president of BP's Alaska region, said the transaction will enable BP "to focus on maximizing production from Prudhoe Bay and advancing the Alaska LNG opportunity."

Alaska Department of Natural Resources Commissioner Joe Balash told Petroleum News that the news is exciting, based on what Hilcorp has done with the Cook Inlet assets it acquired from Chevron and Marathon. Balash said indications are that Hilcorp will bring the same vigor and commitment of capital to these North Slope assets that they brought to Cook Inlet.

Subject to state and federal approvals the sale is expected to be complete by the end of the year; financial details are not being disclosed.

-Kristen Nelson