Hess Announces Sale of Its Indonesian Assets

abarrelfullabarrelfull wrote on 03 Dec 2013 07:01
Tags: asia hess indonesia pertamina top upstream


Hess Corporation announced today it has entered into two separate agreements with a joint venture between PT Pertamina and PTT Exploration and Production Company Limited to sell its interests in both the Pangkah and http://abarrelfull.wikidot.com/natuna-sea-block-a-psc-oil-and-gas-fields Natuna A assets located off the coast of Indonesia for a total after-tax consideration of $1.3 billion. Together, the two assets produced an average of 15,000 barrels of oil equivalent per day net to Hess in the first three quarters of 2013.

Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4 billion authorization.

The agreements are subject to customary closing conditions and are expected to close before the end of the first quarter of 2014.


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