Hess to sell UK natural gas assets to Scottish & Southern Energy for $423MM

Source: Hess

Hess Corporation (HES) has reached an agreement with Scottish & Southern Energy to sell its interests in a package of natural gas production and transportation assets in the United Kingdom North Sea for $423 million in cash. The sale is expected to close in the third quarter of 2010. 

On completion of the sale, Scottish & Southern will assume ownership of Hess' interests in the Everest and Lomond natural gas fields and the Central Area Transmission System in the central North Sea, together with the Bacton Corridor and Easington Catchment Area natural gas fields located in the Southern North Sea. The transaction is subject to the usual UK government and partner consents. 

Greg Hill, President, Worldwide Exploration & Production said, "This sale is part of our company's ongoing portfolio management and optimization. Our strategy is to grow our reserves on a profitable and sustainable basis. The sale of these non-operated, mature fields will help us focus our resources on delivering that strategy."

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


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...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs