BP Amoco, ExxonMobil, Phillips realign Alaska interests

Having just completed its merger with ARCO (see story, this page), BP Amoco PLC agreed to sell ARCO's Alaskan North Slope properties to Phillips Petroleum Co. for $7 billion after resolving ExxonMobil Corp.'s objections. ExxonMobil had sued to block the sale, claiming that it had right of first refusal under a 1964 agreement (OGJ, Apr. 3, 2000, p. 30).Paving the way for the sale was a new agreement between BP Amoco, ExxonMobil, and Phillips realigning ownership and operation of the Prudhoe Bay and Point Thomson units.The agreement will give BP Exploration (Alaska) Inc. about 26.7% of the Prudhoe Bay Unit, ExxonMobil 36.8%, and Phillips 36.5%. Three other firms have fractional inte...

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