Hess Completes $650M Sale of Pangkar Asset to PT Saka Energi Indonesia

Hess Corporation disclosed Friday that it has completed the previously announced sale of its Pangkah asset in Indonesia's East Java Sea to a subsidiary of the country's natural gas distribution and transportation company PT Perusahaan Gas Negara's unit PT Saka Energi Indonesia, which exercised its pre-emption rights, for a total after tax consideration of $650 million comprising the sale of equity interests in certain holding entities and certain inter-company debts.

The asset, located off the coast of Indonesia, produced an average of 9,000 barrels of oil equivalent per day net to Hess in the first three quarters of 2013.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.

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