Hess Corp sells stake in oil field and pipeline to OVL

Hess Corporation, a global independent energy company primarily engaged in the exploration and production of crude oil and natural gas, has sold its 2.72% interest in the Azeri, Chirag and Guneshli Fields and its 2.36% interest in the associated BTC pipeline to ONGC Videsh Ltd for $1 billion. 

 

The BP operated ACG fields, located in the Caspian Sea approximately 100 kilometers east of Baku, commenced production in 1997.

 

“This sale is another step in the execution of our strategy to become a more focused, higher growth, lower risk pure play exploration and production company,” said John B Hess, Chairman and CEO. “Consistent with our announcement on March 4, the after tax net proceeds from this sale will be used to pay down an equivalent amount of short term debt.”