Hess sells shares in Schiehallion to Shell

Offshore staff

NEW YORK – Hess Corp. (NYSE:HES) has agreed to sell its 15.67% interest in Schiehallion field, North Sea, to Royal Dutch Shell (NYSE:RDS.A). The sale includes Hess’ share in the Schiehallion FPSO and west of Shetlands pipeline system.

The Schiehallion field is located in blocks 204 and 205, approximately 175 km (109 mi) west of the Shetland Islands, off the Scottish coast. Hess has been a partner in the project since it was sanctioned by the UK Government in 1996. The FPSO has been in service since production began in 1998. Construction of a new FPSO is under way and is expected to start production in 2016.

“This sale is part of our company’s portfolio management and optimization. Selling these non-operated, non-core assets will help us sustain the profitable growth of our production and reserves," said Greg Hill, president, Worldwide Exploration & Production for Hess.

5/30/2012

 

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