Hess to sell interest in ACG fields to ONGC Videsh

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Hess to sell interest in ACG fields to ONGC Videsh
Hess Corporation 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. "Including this transaction, we have announced asset sales year-to-date totaling nearly $2 billion and additional asset sales are underway as part of our strategic portfolio reshaping."

Hess Corporation is a leading global independent energy company engaged in the exploration for and production of crude oil and natural gas, as well as in refining and in marketing refined petroleum products, natural gas and electricity.

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Read more about: ongc
Story first published: Saturday, September 8, 2012, 10:09 [IST]
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