Hilcorp to acquire Chevron's Cook Inlet assets

By OGJ editors
HOUSTON, July 22
-- Hilcorp Alaska LLC, Houston, will acquire Cook Inlet assets from Chevron Corp.’s Union Oil Co. of California unit for an undisclosed sum.

Closing is expected by yearend. Chevron had put the assets on the block in October 2010.

The assets are producing 3,900 b/d of oil and 85 MMcfd of gas net to Unocal. Reserves weren’t revealed.

The assets include Unocal contracts and interests in Granite Point, Middle Ground Shoal, Trading Bay, and MacArthur River fields, interests in 10 offshore platforms, interests in onshore gas fields including the Ninilchik and Beluga River units, and two gas storage facilities.

The package also includes interests in Cook Inlet Pipe Line Co. and Kenai Kachemak Pipeline LLC. Chevron will retain its nonoperated joint venture interests on the Alaska North Slope and its 1.36% interest in the Trans-Alaska Pipeline System.

Hilcorp, founded in 1989, is one of the largest private US independent exploration and production companies. It employs more than 700 people working nine operating areas including the Gulf Coast, Gulf of Mexico, and Rocky Mountains. The company participates in conventional and resource plays.

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