BP’s decision to divest all of its upstream and midstream assets in Alaska to Hilcorp for $5.6 billion, announced yesterday, marks the UK supermajor’s exit from the region after several divestitures in Alaska in recent years. “We see this move as part of a strategic shift by BP to focus further on US tight oil assets, having acquired a large portfolio from BHP last year,” says Espen Erlingsen, Rystad Energy’s head of upstream research. BP is currently the largest operator in Alaska, measured in operated production, whereas Hilcorp – prior to the transaction – is the third-largest operator. “This acquisition will ... (full story)