LONDON (Alliance News) - Oil & gas company BP PLC agreed on an asset swap deal with energy corporation ConocoPhillips, The Financial Times reported late Tuesday.
Under the agreement, BP will increase its interest in the Clair field in the North Sea while ConocoPhillips will gain a stake in the Kuparuk field in Alaska.
The newspaper said BP intends to buy a 17% holding in Clair field through the acquisition of ConocoPhillips subsidiary. This would take BP's stake in the project to 45%, with ConocoPhillips retaining a 7.5% interest.
In turn, ConocoPhillips will secure a 39% stake in the Greater Kuparuk Area, located in Northern Alaska, including BP's holding in the Kuparuk Transportation Co.
The Financial Times highlighted that none of the parties disclosed the details of the transaction, but said it expects the deal to be "cash neutral" for both companies.
https://www.ft.com/content/8c12ace6-7efb-11e8-8e67-1e1a0846c475
BP (BP.)