ANCHORAGE – The Regulatory Commission of Alaska completed its review of the BP sale of its interest in the Trans-Alaska Pipeline System, approving BP’s transfer of its 49% ownership stake to Hilcorp.
“I thank the RCA for working diligently over these last fourteen months, including delaying a decision when there was a need for more information, and I trust this transfer would not have been approved if the rigorous standards for approval had not been met,” said House Resource co-chair Representative Geran Tarr (D-Anchorage). “BPPA will retain responsibility for DR&R and financial requirements have been met. It is uncomfortable to not know the full costs today, but the legal requirements in place will protect Alaskans’ interests in the future. I know most Alaskans hope that day is far off in the future. I believe the RCA worked in the best interests of Alaskans and that we can have confidence in their work.”
“I look forward to Hilcorp’s responsible stewardship of Alaska’s economic backbone, the Trans-Alaska Pipeline System, and I am grateful for the thoughtful work the RCA performed to ensure Alaska’s best interests are protected,” said House Resource co-chair Representative John Lincoln (I-Kotzebue).