Conoco-BP Kuparuk, Clair field deal closes

Petroleum News

ConocoPhillips said Dec. 18 that it has completed its sale to BP of a ConocoPhillips subsidiary that holds a 16.5 percent interest in the BP-operated Clair field and the simultaneous acquisition of BP’s interests at Kuparuk.

The Clair field was a 16.5 percent interest; ConocoPhillips retains a 7.5 percent interest in the field.

At Kuparuk, ConocoPhillips acquired BP’s 39.2 percent interest in the Greater Kuparuk area and BP’s 38 percent interest in the Kuparuk Transportation Co.

Prices for the transaction were not disclosed. ConocoPhillips said that excluding customary adjustments the transaction prices were cash neutral to both companies.

The production associated with BP’s share of Kuparuk averaged 39,000 barrels of oil per day in the first nine months of the year, ConocoPhillips said, while production from the divested 16.5 percent of the Clair field was 4,000 bpd.

ConocoPhillips said the expected net contribution to fourth-quarter production was less than 5,000 bpd, based on the Dec. 18 closing date.

- Petroleum News