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Reports: Conoco, BP in talks for UK, Alaska asset exchange

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Reports: Conoco, BP in talks for UK, Alaska asset exchange

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.