Hess Increases Share in Tubular Bells Field and Becomes Operator

abarrelfullabarrelfull wrote on 11 Feb 2013 14:57
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Sep 30, 2010

Hess Corporation (NYSE: HES) today announced it has 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.


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