Hilcorp’s Purchase of BP’s Alaska Assets Gets DNR, DEC Approval

Hilcorp’s Purchase of BP’s Alaska Assets Gets DNR, DEC Approval

June 30, 2020

The purchase of the oil leases currently owned by BP was approved by the State of Alaska’s Departments of Natural Resources and Environmental Conservation, setting the stage for the overall deal to be completed sometime in the next quarter.

Hilcorp is a known jobs provider in Alaska. It has grown its business by successfully taking mature fields and injecting new life into them, using technology to drive greater production out of the properties and lengthening their lives.  Hilcorp’s success at Milne Point, with a 50% stake purchased from BP in 2014, and a doubling of barrels-per-day production in the years since, has led many to envision what it could do to Prudhoe Bay, the crown jewel of BP’s Alaska assets.

Anti-development activists and groups have decried the purchase since it was announced because they want the several hundred employees to go without jobs, without paychecks, and without hope for a bright Alaskan future under the Hilcorp banner.

Power The Future is excited about the future of Prudhoe Bay and the families who will benefit from Hilcorp’s proven track record in getting the most out of its properties.  With Alaska’s oil and gas sector still distressed from the combination of political and pandemic forces, the notice that DNR and DEC had accepted the terms of the BP/Hilcorp sale was welcome news in the Last Frontier.