WASHINGTON (Pakistan Point News / Sputnik - 28th August, 2019) BP announced in a press release that it has reached an agreement to sell its entire business in Alaska to US-based producer Hilcorp for more than $5 billion.
"BP today announced that it has agreed to sell its entire business in Alaska to Hilcorp Alaska, based in Anchorage, Alaska. Under the terms of the agreement, Hilcorp will purchase all of BP's interests in the state for a total consideration of $5.6 billion," the release said on Tuesday.
Under the terms of the agreement, Hilcorp will acquire BP's entire upstream and midstream business in the state, including BP's oil and gas interests, and BP Pipelines Inc's interests in the Trans Alaska Pipeline System, according to the press release.
Hilcorp is set to pay BP the total of $5.6 billion, with $4 billion payable near-term and additional $1.6 billion thereafter. The sale is expected to be completed in 2020, pending Federal regulatory approval.
