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ConocoPhillips to sell part of UK Clair field interest; expands Alaska foothold

ConocoPhillips said July 3 that it entered into separate agreements to sell a portion of its interests in the U.K.'s Clair field to BP PLC and to acquire BP's stakes in the Greater Kuparuk Area in Alaska and Kuparuk Transportation Co.

The company will sell a subsidiary holding a 16.5% stake in the Clair field to BP for an undisclosed amount, subject to regulatory approval. ConocoPhillips will still hold a 7.5% interest in the field.

Conoco also agreed to acquire BP's 39.2% interest in the Greater Kuparuk Area in Alaska and its 38% interest in Kuparuk Transportation Co. for an undisclosed price, with both acquisitions subject to regulatory approval.

ConocoPhillips Chairman and CEO Ryan Lance said the transactions continue the company's strategy of coring up its legacy asset base in Alaska while also retaining an interest in the Clair Field in the U.K.

The agreements follow reports of talks between the two companies in early May regarding a possible asset-swap deal.