Hess, the New York primarily based oil and gasoline firm, has entered into an settlement to promote its subsidiary Hess Denmark ApS, which holds a 61.5% curiosity within the South Arne Field, to Ineos E&P AS for a complete consideration of $150 million, efficient January 1, 2021.
“The sale of our Denmark asset permits us to additional focus our portfolio and strengthen our money and liquidity place,” CEO John Hess mentioned. “Proceeds will likely be used to fund our world class funding alternative in Guyana.”
The South Arne Field produced a mean of 5,800 barrels of oil equal per day web to Hess within the fourth quarter of 2020.
The sale is predicted to shut within the third quarter of 2021, topic to authorities approvals and customary closing situations.
Hess Corporation is a number one world unbiased power firm engaged within the exploration and manufacturing of crude oil and pure gasoline.
The South Arne Field lies within the Danish sector of the North Sea Basin 250 km WNW of Esbjerg on the Danish mainland. It is a chalk discipline 12 km by three km. The discipline was initially found in 1969.
(Source: Hess – Image: South Arne platform/Ineos)
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