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Governor Comments on BP-Hilcorp Transaction

Press Release

Location: Juneau, AK

Governor Sean Parnell today released the following statement in response to news that BP would be selling its interests in four North Slope fields to Hilcorp.

"Today's announcement means another entrepreneurial company will be working to accelerate production and find additional reserves on the North Slope," Governor Parnell said. "Hilcorp has a proven record of improving production in Cook Inlet, and their new North Slope commitment shows the More Alaska Production Act has created the right environment to attract new companies and competition to the North Slope."

The announcement comes just days after the Legislature passed Senate Bill 138, Governor Parnell's bill authorizing Alaska's participation in the world-scale, Alaska LNG Project, a $45 - $65 billion project that would commercialize Alaska's vast, untapped reserves of North Slope gas for Alaskans and markets beyond.

"I applaud the thorough and bipartisan deliberations the Legislature had on Senate Bill 138 and believe the process is already bearing fruit," said Governor Parnell. "Today's announcement is important, because it builds on BP's previous commitments of billions of dollars in new oil investments at Prudhoe and Alaska's legacy fields, and reflects a focus on advancing the Alaska LNG Project, and unlocking gas from Prudhoe and Pt. Thomson."

BP also announced that the majority of its impacted employees are expected to be offered positions with Hilcorp.

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