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.


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