Operator BP is acquiring 16.5% in Clair Field from ConocoPhillips (currently 24%) for an undisclosed fee. The agreement involves transfer of the stake to a ConocoPhillips' subsidiary which will then be transferred to BP. It was announced on 3 July 2018 and remains subject to regulatory approvals. Clare is licensed via P165 - 206/8a, P168 - 206/7a & 11a, and P170 - 206/9a and was originally discovered by 206/8-1A (1977, BP, 2,327mMD) which tested 25 deg API oil at a rate of 15,000 bo/d and was estimated to contain 7 Bboe initially in place in thick but fractured Devonian to Carboniferous reservoirs overlying Lewisian basement. Clair Phase One production commenced in March 2005 targeting 300 MMboe recoverable reserves, and cumulative output to date is 125 MMbo and 40 Bcfg, averaging around 19,000 bo/d and 6 MMcfg/d in 2017. ConocoPhillips reports gross remaining recoverable reserves of 240 MMboe, assumed to be attributable to Phase One only. BP plans to commence production from Clair Ridge (immediately NNE of Phase One) during 2018, estimated to hold 640 MMboe recoverable resources and expected to produce up to 120,000 bo/d. ConocoPhillips had reportedly been seeking to sell it's 24% share of Clair since 2014. Pending approval and completion of the ConocoPhillips-BP deal, Clair Field partners are BP (28.6% + Op), Shell (28%), ConocoPhillips (24%) and Chevron (19.4%).
BP will increase its stake in the Clair oilfield through an asset swap with ConocoPhillips. BP will acquire from an additional 16,5% interest in the field (-> 45,1% op.). ConocoPhillips will keep a 7,5% interest. For its part, ConocoPhillips will acquire BP's entire 39,2% interest (-> 94,68% op.) in the Greater Kuparuk Area on the Alaska North Slope. 