Amerada Hess Announces Sale of Interest in Jabung PSC

abarrelfullabarrelfull wrote on 24 Nov 2014 13:17

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Amerada Hess Corporation (NYSE: AHC) announced today that it completed the sale of its 30% interest in the Jabung PSC to a consortium comprising PetroChina International (Jabung) Limited and Petronas Carigali (Jabung) Limited for a total cash consideration of $164 million, including working capital.

The sale includes the Company's 20% interest in an associated downstream project for development of facilities for the processing and sale of LPG and light naphtha. Approximately $22 million of the consideration is deferred and will be payable to Amerada Hess if certain milestones are reached on this project.

The Jabung PSC is located onshore Sumatra, Indonesia and includes the North Geragai, Makmur, Gemah, Northeast Betara and North Betara oil and gas fields.

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