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. Last Updated: 07/27/2016

Phillips Buys in Alaska

BARTLESVILLE, Oklahoma -- Phillips Petroleum Co.'s purchase of Atlantic Richfield properties in Alaska is complete, and a new venture is in the works for the oil-rich North Slope, the company announced Thursday.

Phillips Alaska plans to team with Chevron and Alberta Energy Co. Oil & Gas to explore and develop nearly 60,000 hectares on the North Slope and the Beaufort Sea.

The companies expect to file permits to drill from an ice island this winter, Phillips said in a news release.