Hess gains Tubular Bells stake from BP; completes Valhall, Hod transactions

Source: Hess

Hess Corporation (NYSE: HES) agreed to acquire an additional 20 percent interest in the Tubular Bells oil and gas field in the Gulf of Mexico from BP for $40 million and will become the operator.

The increased ownership will bring Hess' working interest in Tubular Bells to 40 percent. Chevron holds a 30 percent interest and BP will retain 30 percent. The deal is conditioned upon regulatory approval. 

Tubular Bells, which was discovered in 2003, is a deepwater field approximately 135 miles southeast of New Orleans, La. 

Valhall and Hod Fields

Hess has also completed two transactions that bring the company's interests in a pair of Norwegian North Sea offshore fields, Valhall and Hod, to 64.05 percent and 62.5 percent respectively. 

On Sept. 29, Hess and Shell concluded a strategic trade in which Hess assumed Shell's 28.09 percent interest in the Valhall field and 25 percent interest in the satellite Hod field. In return, Shell assumed all of Hess' interest in the Clair field (UK North Sea) and in Gabon. Earlier this month, Hess completed the acquisition of Total's 7.85 percent in Valhall and 12.5 percent in Hod.



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