An agreement for Hillcorp to purchase interests in four of BP’s North Slope oilfields was announced today.
Hillcorp’s Manager for External Affairs Lori Nelson detailed the deal.
Nelson: “What’s involved is a hundred percent of BP’s interest in both the Endicott and North Star areas, and then we’ll be taking 50% of their interests in the Milne Point as well as 50% of the Liberty development, all on the North Slope.”
BP’s statement indicated the purchase agreement could affect about 250 employees currently working in those oilfields to which Nelson said…
Nelson: “The employees are of up-most importance to us, we plan on offering employment to the vast majority of employees associated with the assets involved in the sale. We need the local work force in order to ensure our long term success on the slope and its something that we are going to be paying close attention to.”
She said that the Cook Inlet assets of Hillcorp will not be neglected because of the size of this agreement.
Nelson: “It is the largest for the company to date, but we feel it is a good fit for us and we look forward to working on the assets and increasing production. As a whole we have a very successful track record of increasing activity and production in mature and challenging areas like these.”
The purchase price of the agreement is still confidential according to Nelson.
