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."