Hilcorp Energy Corp. recently agreed to a deal with Chevron subsidiary Union Oil Co. of California (Unocal) to acquire its Alaska Cook Inlet oil and gas assets.

The operations – which Chevron had reportedly been trying to sell since last October – produce 3,900 barrels of oil and 85 million cubic feet of gas each day, according to the Alaska Dispatch.

"Hilcorp's entry into Alaska is further confirmation of the fact that tremendous oil and gas opportunities remain in the basin," Alaskan state Senator Tom Wagoner said in a release.

The deal is expected to be completed by the fourth quarter of this year and financial terms have not been disclosed. The Oil & Gas Financial Journal reports that Chevron acquired Unocal in April 2005 for $18 billion.

"The acquisition by Hilcorp allows the company to reinvest its cash flow to bolster its offshore operations and add oily production after divesting its Eagle Ford acreage along with its partner, private equity firm KKR, to Marathon Oil and Gas for $3.5 billion earlier in 2Q11," analysts with Global Hunter Securities told the news source.

It is expected that Chevron will keep its interest in its North Slope oil fields.