BP and ConocoPhillips are to swap assets in a deal will see the British oil giant increase its stake in the Claire field to 45.1 %.
The agreement sees ConocoPhillips selling 16.5 % while still retaining 7.5% in the North Sea asset.
BP plans to increase production to 200,000 barrels per day by the end of the decade.
A second phase in the BP-operated field, known as Clair Ridge, is expected to start production later this year, with production capacity of 120,000 barrels of oil equivalent per day.
Bernard Looney head of upstream at BP said “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.”
The deal also meant ConocoPhillips bought BP’s entire 39.2 % stake in the Greater Kuparuk oil field in Alaska and a 38 % interest in the Kuparuk Transportation Co.
The firms said the transactions are expected to be cash-neutral for BP and Conoco.
Conoco Chief Executive Officer Ryan Lance said “These transactions are significant for ConocoPhillips because they continue our strategy of coring up our legacy asset base in Alaska.”
[yikes-mailchimp form=”2″ title=”1″ description=”1″]