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Click here to enlarge imageWhat may be the biggest sale of E&P assets ever will also drastically alter the landscape in one of North America's most critical petroleum provinces while clearing the way for one of history's biggest mergers.In a move that will nearly double its reserves, Phillips Petroleum has agreed to buy all of ARCO's Alaskan assets for $6.5 billion cash, plus up to $500 million more based on future crude oil prices.As a result, the US Federal Trade Commission immediately postponed indefinitely any legal action blocking the merger of BP Amoco and ARCO. "In light of the substantial and constructive proposals made by the defendants, all parties have agreed to s...

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