TIDMBP.
RNS Number : 5043T
BP PLC
03 July 2018
press release
3 July 2018
BP to increase share in UK's giant Clair field and
sell interest in Alaska's Kuparuk field
-- Increasing holding in core oilfield, west of Shetland in UK,
and selling non-operating interest in Alaskan asset.
-- Buying 16.5% in Clair field from ConocoPhillips; selling interest in Greater Kuparuk Area to ConocoPhillips.
-- Two transactions together expected to be cash neutral for BP.
BP today announced that it has entered into agreements with
ConocoPhillips that will significantly increase its holding in the
Clair field, a core asset of BP's North Sea business in the UK,
while also selling its non-operating interest in the Kuparuk and
satellite oilfields in Alaska.
BP has entered into an agreement to purchase from ConocoPhillips
a 16.5% interest in the BP-operated Clair field, west of Shetland
in the UK, buying a ConocoPhillips subsidiary that will hold this
interest in the field. As a result, BP will hold a 45.1% interest
in Clair and ConocoPhillips will retain a 7.5% interest.
Separately BP has entered into agreements to sell to
ConocoPhillips BP's entire 39.2% interest in the Greater Kuparuk
Area on the North Slope of Alaska as well as BP's holding in the
Kuparuk Transportation Company.
Details of the transactions are not being disclosed but,
excluding customary adjustments, the transactions together are
expected to be cash neutral for BP and ConocoPhillips. The
transactions, which will be subject to State of Alaska, US federal
and UK regulatory approvals and other approvals, are anticipated to
complete in 2018.
"This is a further step in focusing our portfolio around core
assets and developments which have the potential for significant
growth. Clair is a key advantaged oilfield for our North Sea
business, a giant resource whose second phase is about to begin
production and which holds great potential for future
developments," said BP Upstream chief executive Bernard Looney.
"In Alaska, this transaction will increase our focus on managing
our deep resource base at the massive Prudhoe Bay oilfield and help
enable a more competitive and sustainable business for BP."
The giant Clair field west of Shetland has a complex fractured
reservoir estimated to have had more than 7 billion barrels of
hydrocarbons originally in place. The field is operated by BP which
currently holds a 28.6% interest. Production from Clair's first
phase of development began in 2005 and the field produced an
average of 21,000 barrels of oil equivalent a day (boed) in 2017. A
major second development phase, Clair Ridge, is expected to start
production later this year with production capacity of 120,000
boed. Appraisal has also identified potential for future stages of
development of Clair.
The Greater Kuparuk Area is operated by ConocoPhillips Alaska.
The Greater Kuparuk Area includes the Kuparuk oilfield and the
satellite fields of Tarn, Tabasco, Meltwater and West Sak. In 2017,
the Greater Kuparuk Area had average daily gross oil production of
approximately 108,000 barrels a day. The agreement will also
include BP's interest in the Kuparuk pipeline, which transports oil
from the Greater Kuparuk Area to the inlet of the Trans-Alaska
Pipeline (TAPS) at Pump Station 1.
The transaction will not affect BP's position as operator and
co-owner in the Prudhoe Bay oilfield in Alaska.
Notes to editors:
The Clair field
-- The Clair field, 47 miles (75 kilometres) west of Shetland,
was discovered in 1977. The field had more than 7 billion barrels
of hydrocarbons estimated originally in place but held in a highly
complex and fractured reservoir.
-- The first phase of development of Clair began production in
2005, targeting approximately 300 million barrels of recoverable
resources via the first fixed offshore facility to be installed in
the West of Shetland area.
-- The second phase of development, Clair Ridge, is targeting a
further 640 million barrels of recoverable resources. Construction
of Clair Ridge's two bridge-linked platforms was safely completed
in 2016, commissioning activities are now underway and production
from the project is expected to begin later in 2018. Peak
production is expected to be around 120,000 boed.
-- The Clair partners are now evaluating a potential third phase of development of the field.
-- The current Clair partners are: BP, operator, 28.6%;
ConocoPhillips, 24%; Shell UK Limited, 28%; and Chevron North Sea
Limited 19.4%.
Greater Kuparuk Area
-- ConocoPhillips is the operator of the Greater Kuparuk Area
which includes the Kuparuk oilfield, and satellite fields of Tarn,
West Sak, Tabasco and Meltwater.
-- The Kuparuk oilfield, on Alaska's North Slope 40 miles west
of Prudhoe Bay, was discovered in 1969 and began production in
1981.
Further information:
BP press office, London: +44 (0)207 496 4076, bppress@bp.com
BP press office, Houston +1 281 366 4463, uspress@bp.com
Cautionary statement:
In order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA'), BP is providing the following cautionary statement. This
press release contains certain forward-looking statements - that
is, statements related to future, not past events and circumstances
- which may relate to one or more of the financial condition,
results of operations and businesses of BP and certain of the plans
and objectives of BP with respect to these items. These statements
are generally, but not always, identified by the use of words such
as 'will', 'expects', 'is expected to', 'aims', 'should', 'may',
'objective', 'is likely to', 'intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. Actual results may differ
from those expressed in such statements, depending on a variety of
factors including the risk factors set forth in our most recent
Annual Report and Form 20-F under "Risk factors" and in any of our
more recent public reports.
This document contains references to non-proved resources and
production outlooks based on non-proved resources that the SEC's
rules prohibit us from including in our filings with the SEC. U.S.
investors are urged to consider closely the disclosures in our Form
20-F, SEC File No. 1-06262.
Our most recent Annual Report and Form 20-F and other period
filings are available on our website at www.bp.com, or can be
obtained from the SEC by calling 1-800-SEC-0330 or on its website
at www.sec.gov.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRBCGDRXBGBGIX
(END) Dow Jones Newswires
July 04, 2018 02:00 ET (06:00 GMT)
Grafico Azioni Bp (LSE:BP.)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Bp (LSE:BP.)
Storico
Da Apr 2023 a Apr 2024
