Hess to Sell Interest in ACG Fields to ONGC Videsh

Loading...
Loading...
Hess Corporation
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.
See full press release
Posted In: News
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...