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BP Reportedly In Talks To Take Conoco's U.K. Field In Swap Deal

BP Plc (BP.L,BP_UN.TO,BP) and ConocoPhillips are in discussions for an asset swap deal that would see the U.K. energy major gain a greater foothold in a key project in the North Sea and the U.S. explorer get Alaskan assets, the Bloomberg reported citing people familiar with the matter.

BP is considering taking Conoco's stake in the Clair field, in which BP already holds a 28.6 percent stake and is the operator. In exchange, Conoco is likely to take some of BP's assets in Alaska. BP describes Clair as "the largest undeveloped hydrocarbon resource" in the U.K.

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