Hess introduced that it has entered into an settlement to promote its 28% working curiosity within the Shenzi Field within the deepwater Gulf of Mexico to BHP Billiton, the sector’s operator, for a complete consideration of $505 million, topic to customary changes, with an efficient date of July 1, 2020. The area produced a mean of 11,000 internet barrels of oil equal per day within the first eight months of 2020.
“Proceeds will probably be used to fund our world class funding alternative in Guyana,” CEO John Hess stated. “This sale is aligned with our technique to protect money and protect the long run worth of our belongings within the present low oil worth setting.”
The transaction is predicted to shut earlier than yr finish 2020 and is topic to customary closing situations.
Hess based mostly in New York, is a number one shale oil and gasoline producer, one of many largest producers within the deepwater Gulf of Mexico and a key pure gasoline producer and provider to Peninsular Malaysia and Thailand. The firm can be engaged in exploration and appraisal actions offshore Guyana, collaborating in one of many trade’s largest oil discoveries previously decade, in addition to the Gulf of Mexico and Suriname.
(Source and picture: Hess Corporation – Shenzy platform within the US Gulf of Mexico)
The submit HESS SELLS INTERESTS IN SHENZI FIELD IN THE GULF OF MEXICO TO BHP BILLITON appeared first on Energy Global News.