BP has closed the sale of its interests in four North Slope oil fields to Hilcorp.
BP president for Alaska operations Janet Weiss made the announcement Wednesday.
The company announced in April that it was selling all its interests in the Endicott and Northstar fields and half its interests in the Liberty and Milne Point fields.
Weiss said the sale would allow BP to focus on Prudhoe Bay and pursuing a major liquefied natural gas project. The sale involves the planned layoff of 275 workers and transfer to Hilcorp or early retirement of another 200 people.
Weiss said the companies have asked federal regulators to allow Hilcorp to become the operator of the long-planned Liberty project. BP plans to work with Hilcorp on submitting a project development and production plan.