SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the
period ended 04 July,
2018
BP p.l.c.
(Translation
of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
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Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
|X|
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Exhibit
1.1
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BP
increases Clair stake, sell interest in Kuparuk dated 04 July
2018
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Exhibit 1.1
press
release
3 July 2018
BP to increase share in UK's giant Clair field and
sell interest in Alaska's Kuparuk field
● Increasing holding in core
oilfield, west of Shetland in UK, and selling non-operating
interest in Alaskan asset.
● Buying 16.5% in Clair field
from ConocoPhillips; selling interest in Greater Kuparuk Area to
ConocoPhillips.
● Two transactions together
expected to be cash neutral for BP.
BP
today announced that it has entered into agreements with
ConocoPhillips that will significantly increase its holding in the
Clair field, a core asset of BP's North Sea business in the UK,
while also selling its non-operating interest in the Kuparuk and
satellite oilfields in Alaska.
BP
has entered into an agreement to purchase from ConocoPhillips a
16.5% interest in the BP-operated Clair field, west of Shetland in
the UK, buying a ConocoPhillips subsidiary that will hold this
interest in the field. As a result, BP will hold a 45.1% interest
in Clair and ConocoPhillips will retain a 7.5%
interest.
Separately
BP has entered into agreements to sell to ConocoPhillips BP's
entire 39.2% interest in the Greater Kuparuk Area on the North
Slope of Alaska as well as BP's holding in the Kuparuk
Transportation Company.
Details
of the transactions are not being disclosed but, excluding
customary adjustments, the transactions together are expected to be
cash neutral for BP and ConocoPhillips. The transactions, which
will be subject to State of Alaska, US federal and UK regulatory
approvals and other approvals, are anticipated to complete in
2018.
"This
is a further step in focusing our portfolio around core assets and
developments which have the potential for significant growth. Clair
is a key advantaged oilfield for our North Sea business, a giant
resource whose second phase is about to begin production and which
holds great potential for future developments," said BP Upstream
chief executive Bernard Looney.
"In
Alaska, this transaction will increase our focus on managing our
deep resource base at the massive Prudhoe Bay oilfield and help
enable a more competitive and sustainable business for
BP."
The
giant Clair field west of Shetland has a complex fractured
reservoir estimated to have had more than 7 billion barrels of
hydrocarbons originally in place. The field is operated by BP which
currently holds a 28.6% interest. Production from Clair's first
phase of development began in 2005 and the field produced an
average of 21,000 barrels of oil equivalent a day (boed) in 2017. A
major second development phase, Clair Ridge, is expected to start
production later this year with production capacity of 120,000
boed. Appraisal has also identified potential for future stages of
development of Clair.
The
Greater Kuparuk Area is operated by ConocoPhillips Alaska. The
Greater Kuparuk Area includes the Kuparuk oilfield and the
satellite fields of Tarn, Tabasco, Meltwater and West Sak. In 2017,
the Greater Kuparuk Area had average daily gross oil production of
approximately 108,000 barrels a day. The agreement will also
include BP's interest in the Kuparuk pipeline, which transports oil
from the Greater Kuparuk Area to the inlet of the Trans-Alaska
Pipeline (TAPS) at Pump Station 1.
The
transaction will not affect BP's position as operator and co-owner
in the Prudhoe Bay oilfield in Alaska.
Notes to editors:
The Clair field
●
The Clair field, 47 miles (75
kilometres) west of Shetland, was discovered in 1977. The field had
more than 7 billion barrels of hydrocarbons estimated originally in
place but held in a highly complex and fractured
reservoir.
●
The first phase of development of
Clair began production in 2005, targeting approximately 300 million
barrels of recoverable resources via the first fixed offshore
facility to be installed in the West of Shetland
area.
●
The second phase of development, Clair
Ridge, is targeting a further 640 million barrels of recoverable
resources. Construction of Clair Ridge's two bridge-linked
platforms was safely completed in 2016, commissioning activities
are now underway and production from the project is expected to
begin later in 2018. Peak production is expected to be around
120,000 boed.
●
The Clair partners are now evaluating
a potential third phase of development of the
field.
●
The current Clair partners are: BP,
operator, 28.6%; ConocoPhillips, 24%; Shell UK Limited, 28%; and
Chevron North Sea Limited 19.4%.
Greater Kuparuk Area
●
ConocoPhillips is the operator of the
Greater Kuparuk Area which includes the Kuparuk oilfield, and
satellite fields of Tarn, West Sak, Tabasco and
Meltwater.
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The Kuparuk oilfield, on Alaska's
North Slope 40 miles west of Prudhoe Bay, was discovered in
1969 and began production in 1981.
Further information:
Cautionary
statement:
In
order to utilize the 'safe harbor' provisions of the United States
Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), BP
is providing the following cautionary statement. This press
release contains certain forward-looking statements - that is,
statements related to future, not past events and circumstances -
which may relate to one or more of the financial condition, results
of operations and businesses of BP and certain of the plans and
objectives of BP with respect to these items. These statements are
generally, but not always, identified by the use of words such as
'will', 'expects', 'is expected to', 'aims', 'should', 'may',
'objective', 'is likely to', 'intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. Actual results may differ
from those expressed in such statements, depending on a variety of
factors including the risk factors set forth in our most recent
Annual Report and Form 20-F under "Risk factors" and in any of our
more recent public reports.
This
document contains references to non-proved resources and production
outlooks based on non-proved resources that the SEC's rules
prohibit us from including in our filings with the SEC. U.S.
investors are urged to consider closely the disclosures in our Form
20-F, SEC File No. 1-06262.
Our
most recent Annual Report and Form 20-F and other period filings
are available on our website at www.bp.com, or
can be obtained from the SEC by calling 1-800-SEC-0330 or on its
website at www.sec.gov.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BP
p.l.c.
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(Registrant)
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Dated: 04
July 2018
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/s/ D.
J. JACKSON
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D. J.
JACKSON
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Company
Secretary
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