AFP, Washington :
British oil giant BP said Tuesday it will sell all of its Alaska operations for $5.6 billion, exiting the state after 60 years to help meet divestment goals.
The local firm Hilcorp Alaska will acquire the BP assets, including operations in the mammoth Prudhoe Bay oilfield, BP said in a statement.
The sale, which is due to be completed next year, is part of BP’s $10 billion divestment program to help the company shore up its balance sheet. In June, the company said it would sell assets in Egypt’s Gulf of Suez to a Dubai firm for an undisclosed sum.
Projects elsewhere in the world are now better suited to BP’s long-term strategy and were thus “more competitive for our investment,” BP chief Bob Dudley said in the statement.
British oil giant BP said Tuesday it will sell all of its Alaska operations for $5.6 billion, exiting the state after 60 years to help meet divestment goals.
The local firm Hilcorp Alaska will acquire the BP assets, including operations in the mammoth Prudhoe Bay oilfield, BP said in a statement.
The sale, which is due to be completed next year, is part of BP’s $10 billion divestment program to help the company shore up its balance sheet. In June, the company said it would sell assets in Egypt’s Gulf of Suez to a Dubai firm for an undisclosed sum.
Projects elsewhere in the world are now better suited to BP’s long-term strategy and were thus “more competitive for our investment,” BP chief Bob Dudley said in the statement.
