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BP sells Alaska assets to Hilcorp Alaska for $ 5.6 billion



BP sells its assets in Alaska to Hilcorp Energy for $ 5.6 billion.

The oil major leaves a region where he has been active for 60 years.

The sale includes shares in the Prudhoe Bay oilfield, Point Thomson The gas field and the Trans-Alaska pipeline system, BP said in a press release. MORE FROM FOXBUSINESS.COM

The announced sale on Tuesday is subject to state and federal approval. The sale occurs as BP seeks to sell $ 10 billion in assets by 2020.

Energy analyst Phil Flynn said that since Bob Dudley was appointed chief executive of BP, the company has dropped older fields and those that are considered inefficient and expensive. He regards the announcement of BP as strategic.

President of Hilcorp Energy Co., Jason Rebrook, stated in a statement that his company is "bringing new life to the mature pools, including Alaska's Cook Inlet and The North Slope," a clear understanding that experienced local workforce is responsible for Success is crucial.

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Larry Persily, former federal coordinator for Alaska gas projects, told Hilcorp to tag people by picking up projects from which others have gone , and "more money squeezed out of them," citing Cook Inlet as an example.

Hilcorp will determine how BP's workforce is to be integrated into its operations BP employs approximately 1

,600 people in Alaska.

The Associated Press has contributed to this article.


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