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Hess to Sell Interest in ACG Fields to ONGC Videsh

Source: www.gulfoilandgas.com 9/7/2012, Location: Asia

Hess Corporation announced 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. “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.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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