- Oil major BP said Wednesday it had entered into agreements with ConocoPhillips to both increase its stake in the Clair field, and to sell its entire stake in the Kuparuk and satellite oilfields in Alaska.

BP would increase its stake in Clair field -- BP's North Sea business in the UK – by 16.5% to 45.1%, leaving ConocoPhillips with just a 7.5% stake.

A major second development phase, Clair Ridge, is expected to start production later this year with production capacity of 120,000 barrels of oil equivalent a day, BP said.

Separately, BP also agreed to sell to ConocoPhillips its entire 39.2% interest in the Kuparuk and satellite oilfields in Alaska, and the its holding in the Kuparuk Transportation company.

Details of the transactions were not disclosed but the two transactions together are expected to be cash neutral for BP.

The transactions - which would need to be rubber stamped by State of Alaska, US federal and UK regulators - are anticipated to complete in 2018.

'This is a further step in focusing our portfolio around core assets and developments which have the potential for significant growth. Clair is a key advantaged oilfield for our North Sea business, a giant resource whose second phase is about to begin production and which holds great potential for future developments,' said BP Upstream chief executive Bernard Looney.

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