Harvest Alaska now owns BP’s stake in Trans-Alaska Pipeline System as BP exits Alaska

ANCHORAGE, Alaska (KTUU) - Harvest Alaska, an affiliate of Hilcorp, announced its purchase of British Petroleum’s Trans-Alaska Pipeline System assets has been completed after review by the Regulatory Commission of Alaska.

The sale is part of BP’s efforts to exit Alaska after the company announced it would begin the process to leave in August of 2019. BP sold its entire upstream and midstream assets to Hilcorp Alaska for $5.6 billion in June, BP said in a release.

Harvest Alaska operates pipelines in Cook Inlet and the North Slope and has crude oil and natural gas holdings. Harvest Alaska will acquire BP’s midstream assets of about 49% interest in the Trans-Alaska Pipeline System and 49% of Alyeska Service Company, the company said in a release.

“The completion of this acquisition is a critical milestone for Harvest,” Chief Executive Officer of Harvest Midstream, Jason Rebrook, said in a prepared statement. “TAPS is an icon of American ingenuity and has a proven track record of safe and responsible operations with strong relationships in the communities it touches.”

In a statement, BP America Chairman and President Dave Lawler said the company had spent six decades in Alaska before finalizing its sale with Hilcorp.