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ConocoPhillips closes sale of 16.5% interest in Clair Field in United Kingdom

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Oilfield Technology,

ConocoPhillips has completed its previously announced sale to BP of a ConocoPhillips subsidiary that holds a 16.5% interest in the BP-operated Clair Field for an undisclosed price. ConocoPhillips retains a 7.5% interest in the field.

ConocoPhillips also completed a simultaneous acquisition of BP’s 39.2% interest in the Greater Kuparuk Area in Alaska and 38% interest in the Kuparuk Transportation Company for an undisclosed price.

Excluding customary adjustments, the transaction prices were cash neutral to both companies.

In the first nine months of 2018, production associated with the acquired 39.2% interest in Kuparuk was 39 thousand boe/d, and production from the divested 16.5% interest in Clair Field was 4 thousand boe/d. The expected net contribution to fourth-quarter production is less than 5 thousand boe/d based on the closing date of Dec. 18, 2018, and was not included in prior fourth-quarter guidance. Incremental production and capital were included in the 2019 guidance the company provided on Dec. 10, 2018.

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