Lack of public information about BP to Hilcorp sale leads to concerns
Late last year, Hilcorp Energy Company announced that they intend to purchase all of BP’s Alaska-related assets. These assets include approximately 49% interest of the Trans Alaska Pipeline System and Alyeska Pipeline Service Company.
Assuming the deal goes through, Hilcorp will take over BP’s facilities on Alaska’s North Slope and their affiliate Harvest Alaska LLC will take over BP’s share of the pipeline and terminal. Harvest’s specialty is “midstream” operations, which means moving oil from the production site to a destination such as a refinery or shipping terminal.
Harvest representatives have stated that their company has grown mostly through acquiring existing facilities and operating them through the end of the facility’s life. They have said that their experience with issues that occur in aging facilities, such as corrosion, would be a benefit for the pipeline and terminal, which is now over 40 years old.
