There were rumblings about it back in May. Now, BP has confirmed it. The company is selling some Alaska oil assets to ConocoPhillips while buying some of ConocoPhillips' assets in the United Kingdom.

According to BP, it is selling its 39.2 percent interest in the Greater Kuparuk Area on the north slope to ConocoPhillips-- an area BP says with a production of approximately 108,000 barrels of oil per day.

The agreement also includes BP's stake in the Kuparuk pipeline that transports oil to the Trans-Alaska Pipeline. In return, BP is buying a 16.5 percent stake in the Clair field in the United Kingdom from ConocoPhillips.

BP says the two transactions are expected to be "cash neutral".

“In Alaska, this transaction will increase our focus on managing our deep resource base at the massive Prudhoe Bay oilfield and help enable a more competitive and sustainable business for BP,” said BP Upstream chief executive Bernard Looney. 

BP says the move will not impact BP's position as operator and co-owner in the Prudhoe Bay field.

The transactions have yet to be approved by Alaska, Federal and UK regulatory officials.

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