In early February 2018, Anadarko indicated that it is in the process of divesting its remaining Alaska assets for a total sum of ~$400 million. ConocoPhillips will acquire Anadarko's 22% non-operated interest in the Western North Slope of Alaska and Anadarko's interest in the Alpine pipeline. In 2017, the assets' gross daily production totalled 63,000 boe/d. With the deal, ConocoPhillips will have 100% in about ~4,850 sq km (~1.2 million acres) of exploration and development land and is expected to receive a ~14,000 boe/d net increase in net oil production when the deal closes. The deal remains subject to regulatory approval. Anadarko arrived in the state in 1993, when it saw the potential for major oil finds in the region. Its first venture was as a working interest owner in the Exxon-operated Thetis Island exploration drilling program in the Beaufort Sea (west of Oliktok Point). Oil was subsequently encountered in the prospect, and Anadarko took over the project in 1997 as operator.  In 1994, Anadarko, alongside ARCO Alaska (subsequently ConocoPhillips Alaska), discovered the Alpine oil field, located in the western North Slope. Alpine was declared a commercial discovery in 1996 and later went into production, with ARCO as operator and Anadarko as an equity holder. In recent years, Anadarko has appeared to have switched its focus to shale oil and gas in the Lower 48 states and, as a result, Anadarko's Alaska lease holdings have diminished, with the company retaining just its ownership interests in leases it has held jointly with ConocoPhillips, prior to Anadarko's recently announced divestment.
Anadarko indicated that it is in the process of divesting its remaining Alaska assets for a total sum of ~$400 million. ConocoPhillips will acquire Anadarko's 22% non-operated interest in the Western North Slope of Alaska and Anadarko's interest