Upstream portion of BP Alaska sale to Hilcorp is on track for state approval

BP and Hilcorp are hoping to close the upstream portion of their $5.6 billion Alaska deal by the end of the month while state regulators continue to evaluate Hilcorp’s financial wherewithal to take a large stake in the Trans-Alaska Pipeline System.

State Natural Resources and Environmental Conservation department officials said they are also on track with their reviews of the sale to hit the companies’ preferred closing date during a June 19 meeting of the Governor’s Oversight Committee on the transaction.

DNR Commissioner Corri Feige said staff in her department should finish their fit, willing and able test of Hilcorp’s ability to operate the large Prudhoe Bay oil field that is the heart of the deal by June 26.

“We still do in DNR’s shop have the secondary liability of upstream guarantee for both DEC and their contaminated sites and DNR’s (removal and restoration) obligations pending so that one is still very much active,” Feige said.

Read more: https://www.adn.com/business-economy/energy/2020/06/25/upstream-portion-of-bp-alaska-sale-to-hilcorp-is-on-track-for-state-approval/
(Anchorage Daily News)