British Petroleum has adjusted the financial terms of its billions deal with industry colleague Hilcorp about withdrawing from Alaska. This was necessary because of the sharp fall in oil prices and unrest on the financial markets.

This concerns changes to the structure of the fee and the phasing of payments. The British remain committed to withdrawing from Alaska after more than half a century. All US state operations are still being sold to Hilcorp. Also the total amount of approximately 5.6 billion dollars does not change.

The deal was announced in August last year and is expected to close in the middle of this year. According to BP, the sale, which also includes interests in the large Prudhoe Bay field and the Trans Alaska Pipeline, makes a significant contribution to the group’s divestment program. Hilcorp is the company of Texan billionaire Jeff Hildebrand. The company has been operating in the far north of the United States for a long time and has expanded significantly in recent years.