Hess to Sell Interest in ACG Fields to ONGC Videsh
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.