LONG BEFORE oilmen fracked the Permian basin, they came to Prudhoe Bay. Spanning more than 800 square kilometres of Alaska's North Slope-an area the size of New York City-it remains one of the most productive oilfields in American history. In 1977 bp began pumping the black stuff from Prudhoe Bay, whence a new pipeline transported it over 1,300km of frigid wilderness to the port of Valdez. The project was a triumph of engineering and a testament to bp's ambition. This month the British giant achieved a different feat: it sold its stake in Prudhoe Bay and other Alaskan oilfields to Hilcorp, a smaller firm. When, in April, it looked as if the $5.6bn sale might be at risk, bp said it would extend a loan to Hilcorp to help close the deal.
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