Hess agrees to sell its Indonesian assets

Offshore staff

NEW YORKHess Corp. has entered into two separate agreements with a joint venture between PT Pertamina and PTT Exploration and Production Co. Ltd. to sell its interests in both the Pangkah and Natuna A assets located off the coast of Indonesia for $1.3 billion.

Together, the two assets produced an average of 15,000 boe/d net to Hess in the first three quarters of 2013.

Hess plans to use the proceeds from this sale to continue repurchasing shares under its existing $4 billion authorization. The agreements are expected to close before the end of 1Q 2014.

12/02/2013



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...