Recap of Alaska’s Top-3 Energy Stories: #3 – Hilcorp Completes Acquisition of BP Alaska

December 29, 2020

As we get ready to turn the calendar to 2021, PTF Alaska State Director Rick Whitbeck looks back at the top energy-related stories of the year in the Great Land. 

The August 2019 announcement that BP would be exiting Alaska and selling its assets to Hilcorp was huge news.  After more than a year of hearings, public comment periods and various attacks from anti-development zealots – looking to scuttle the purchase and keep the oil and gas in the ground and kill jobs for over 1,000 workers – Hilcorp prevailed and received final approvals for the purchase on December 15^th.

With BP’s 50-year history of responsible development on the North Slope, and its ownership of Prudhoe Bay now in the hands of Hilcorp, Alaska’s oil and gas history will forever be changed.

As much as Alaska will miss BP’s community involvement and business leadership, the chance for Hilcorp to take over BP’s legacy fields on the Slope is exciting.  Hilcorp has a track record of re-invigorating legacy fields.  By using technologies and being nimble, they increased production at BP’s Badami field; the chance to do so with Prudhoe will be fun to watch.

BP once noted that there was another 50 years of recoverable oil from Prudhoe Bay.  Hilcorp’s ability to safely recover additional barrels in their current holdings means the future for their 1,400 Alaska workers and hundreds of contractors is bright.  Power The Future congratulates Hilcorp and thanks BP for its decades of providing Alaskans with amazing jobs.