BP, Conoco Agree To Swap North Sea, Alaska Assets

BP (NYSE: BP) and ConocoPhillips (NYSE: COP) announced on July 3 a swap deal that will see the British oil giant increase its stake in a major North Sea development while its U.S. peer will grow in Alaska.

Texas-based Conoco said it would sell a 16.5% stake in the Clair Field to BP, which will see its interest grow to 45.1%. Conoco will retain a 7.5% interest.