Hess to sell interest in ACG fields to ONGC Videsh

Source: Hess Corporation

Hess Corporation (NYSE: HES) announced today it has agreed to sell its 2.72 percent interest in the Azeri, Chirag and Guneshli Fields (ACG) in Azerbaijan and its 2.36 percent interest in the associated BTC pipeline to ONGC Videsh Ltd. for $1 billion. The transaction, expected to close in the first quarter of 2013, is subject to Indian and other government and regulatory approvals.

The BP operated ACG fields, located in the Caspian Sea approximately 100 kilometers east of Baku, commenced production in 1997.

"The sale of our interest in ACG is consistent with our strategy to divest mature and small working interest assets,” said Greg Hill, President of Worldwide Exploration and Production for Hess. “Including this transaction, we have announced asset sales year-to-date totaling nearly $2 billion and additional asset sales are underway as part of our strategic portfolio reshaping.”

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