Alaska Governor issues memorandum establishing oversight committee on BP/Hilcorp transaction

On Friday, Alaska Governor Mike Dunleavy issued a memorandum establishing an oversight committee on a transaction between BP and Hilcorp.

On Friday, Alaska Governor Mike Dunleavy issued a memorandum establishing an oversight committee on BP’s sale of oil and gas production assets on the North Slope to Hilcorp. (Sara Tewksbury/KTVF)

According to the memorandum, BP’s August 27, 2019 sale of oil and gas production assets on the North Slope has been reviewed by the Federal Trade Commission, and no antitrust or anticompetitive issues were found. This leaves the state in charge of the review and approval of the transaction.

In a written statement, Governor Dunleavy said that, “This transaction represents a new era for Alaska’s North Slope, so it’s important that we fully understand the benefits and any potential impacts on Alaskans and the state’s most important industry in terms of revenue and jobs.”

The governor went on to echo the memorandum’s sentiments in his statement, reiterating the state’s responsibility to review, oversee and approve the transaction and that they will “ensure it is done to the highest possible standards.”

The oversight committee will be chaired by a representative from the Department of Natural Resources and will feature representatives from the Departments of Law, Fish and Game, and Commerce, along with other members

The committee’s duties and responsibilities include reviewing whether or not leases and permits have been transferred, potential tax implications, and informing the Governor’s office of potential impacts the transaction could have on the Alaskan workforce, among others.

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