The UK-based oil giant is the latest to pull out of the region - where it was fined $25m over an oil spill in 2006.
From next year onwards, though, the oil major will no longer be in Alaska.
"However, we are steadily reshaping BP and today we have other opportunities, both in the US and around the world, that are more closely aligned with our long-term strategy and more competitive for our investment. "We are committed to a safe and smooth transition of operations so that our employees, partners and local, state and federal government officials all feel that we have handed over these important assets in the right way."Hilcorp's Alaskan operations will double in size after the deal.
A number of its competitors, including Marathon Oil and Anadarko, have already done so and this latest sale has prompted speculation that ExxonMobil, the world's biggest quoted oil and gas company, will be next to leave. BP paid $10.5bn in July last year to mining giant BHP for its US shale operations in what was its biggest deal in 19 years.stepping up the number of rigsIt also last year signed off on a multi-billion dollar investment project in the Gulf of Mexico - scene of the notorious Deepwater Horizon oil spill nearly a decade ago - as itBP is also seeking to lower its debts as it refocuses its business and, as Mr Dudley noted, this sale also strengthens its balance sheet.
Many charities in the state have BP employees on its board and the company has provided millions of dollars worth of financial support to local college students as well as running engineering summer camps for local teenagers and supporting teacher training in the state.
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