ConocoPhillips seeking sales of Alaska assets

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ANCHORAGE, Alaska Officials say ConocoPhillips hopes to sell parts of its Alaska projects to offset risks and share the expenses of investments planned in the state.

AP reports the sale package includes old, new, and unbuilt projects representing most of Conoco’s Alaska holdings.

Officials say the assets for sale include the Kuparuk River unit, the newer Alpine unit to the west, and the undeveloped Willow project in the National Petroleum Reserve in Alaska. They say the notable exception is the company’s 36% share of the nation’s largest oil field in Prudhoe Bay.

Conoco says the proposed sales stem from a plan to invest $11 billion dollars on its core Alaska assets over the next decade, and $5 billion on the Willow project.