State regulatory commission gives final approval for BP-Hilcorp deal

The Trans-Alaska Pipeline System’s Pump Station 3. (Photo courtesy Alyeska Pipeline Service Company)

Oil company Hilcorp has received the last regulatory approval in its deal to buy the Alaska assets once owned by BP.

The Regulatory Commission of Alaska, or RCA, issued its long-awaited decision Monday night.

It allows a Hilcorp affiliate company to take possession of BP’s ownership stake of just under half of the trans-Alaska oil pipeline system, plus its interest in the Milne Point and Point Thomson pipelines.

The first big chunk of the $5.6 billion Hilcorp-BP deal has already closed.

This summer, Hilcorp took over BP’s interest in the massive Prudhoe Bay, Milne Point and Point Thompson fields on Alaska’s North Slope. The sale launched Hilcorp into the position of Alaska’s second-largest oil producer. 

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