BP announced on 3 July 2018 that it has agreed to acquire a 16.5% interest in the Clair field located in the West of Shetlands from ConocoPhillips. BP will acquire a ConocoPhillips subsidiary which holds a 16.5% interest in the BP operated Clair field, with ConocoPhillips retaining a 7.5% interest. BP also announced that it has entered into agreements with ConocoPhillips to sell its entire 39.2% interest in the Greater Kuparuk Area on the North Slope of Alaska as well as its 38% holding in the Kuparuk Transportation Company. Details of the transactions are not being disclosed, excluding customary adjustments. The transactions are expected to be cash neutral for the both companies and complete simultaneously during 2018. Both deals are subject to regulatory approvals and the effective date for the transaction will be 1 July 2018.  Clair was discovered in 1977 by exploration well 206/8-1A, which penetrated a 586m oil column in a thick (>700m) sequence of Devonian to Carboniferous continental sandstones overlying Proterozoic basement. Clair was developed using a phased approach. Clair Phase 1 was sanctioned in 2001 and focused on the Core, Graben and Horst reservoir areas targeting an estimated recoverable resource of 300 million barrels. First production was achieved in February 2005 and Clair was developed via the first fixed offshore facility in the West of Shetlands. Oil and gas was exported via pipelines to the Sullom Voe Terminal on the Shetland Islands.   The second phase of development, the Clair Ridge Project is designed to have a capacity of 120,000 barrels of oil and 100 million cubic feet of gas per day. The phase targets 640 million barrels of recoverable resources and is expected to produce through to 2050. In 2016, the construction and installation of two new bridge-linked platforms was completed. Hook-up and commissioning is under way with first oil expected in 2018.Â Â  Â   Following completion of the deal interest in Clair will be held by BP Exploration Operating Co Ltd (44.13% + operator), Chevron North Sea Ltd (19.42%), Enterprise Oil Ltd (18.68%), Shell Clair UK Ltd (9.29%), ConocoPhillips (UK) Ltd (7.5%) and Britoil Ltd (0.98%).
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 and stake in the Kuparuk Transportation Company.