US-based oil and gas company ConocoPhillips has completed its previously announced swap of stakes with BP in the Clair oilfield (North Sea, United Kingdom) and Greater Kuparuk area (Alaska) in the United States. The agreement was announced in July 2018 and the price of the transaction remains unknown even though the two companies reported that transaction prices were cash neutral.
As for the Clair offshore oilfield, BP has purchased an additional stake of 16.5% from ConocoPhillips, which will have a reduced interest of 7.5%. BP remains the operator of the asset with a 45.1% share. ConocoPhillips's share in the Clair field amounted approximately 4,000 boe/d.
Meanwhile, BP has agreed to offload its entire stake of 39.2% in the Greater Kuparuk Area on the North Slope of Alaska along with its stake in the Kuparuk Transportation Company to the asset's operator ConocoPhillips. Alaska is an important target for ConocoPhillips, which will spend 20% of its 2019 capital expenditure in the region (about US$1.2bn).
In the first nine months of 2018, production associated with the acquired 39.2% stake in Kuparuk (United States) was 39 kboe/d, while the production from the divested 16.5% stake in the Clair Field (United Kingdom) was 4 kboe/d.