ConocoPhillips completed its acquisition of 22% lease interests in the Western North Slope of Alaska from the Texas-based producer Anadarko Petroleum Corp. for $400 million.
With the deal closing, ConocoPhillips now holds a 100% stake in about 1.2 million acres of exploration and development lands, including the Willow oil discovery in the northeast part of the National Petroleum Reserve in Alaska. The lease interests posted production of 11,000 barrels of oil equivalent per day in the first quarter.
The Houston-based exploration and production company finalized the assignment of the lease interests on May 30, according to a June 4 news release. The deal has an effective date of Oct. 1, 2017.
