London-based BP PLC and ConocoPhillips are reportedly engaged in talks for an asset swap deal under which the London-based oil major would take the U.S. producer's Clair Ridge project in the U.K. in exchange for some of BP's Alaskan assets, unnamed sources told Bloomberg.
ConocoPhillips holds a 24% stake in the Shetlands' Clair project. BP already owns a 28% stake in Clair and is the operator.
The sources did not indicate which of BP's assets in Alaska may be included in the potential exchange deal. BP operates the entire Greater Prudhoe Bay area, which produces about 55% of Alaska's oil and gas. BP also owns interests in seven other North Slope oil fields in Alaska.
ConocoPhillips has major ownership interests in two fields on Alaska's North Slope — Kuparuk, which the company operates, and Prudhoe Bay. It also has a significant operating interest in the Alpine Field on the Western North Slope.
Like many of its peers, ConocoPhillips has reportedly been looking to shed its North Sea assets and focus on other, more prolific production areas such as U.S. shale.
- Author
- Amanda Luhavalja
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- Energy
